SPB Exchange will withdraw from the capital of the international ITS platform in Kazakhstan. Frank Media was informed of this by the ITS press service.
SPB Exchange became one of the organizations that joined the US sanctions list on the eve of November 3. Getting on the US SDN list means isolation from the dollar system, freezing of assets and prohibition of cooperation with US companies.
After the news of the restrictions, the St. Petersburg Stock Exchange suspended trading in foreign securities, the site’s shares on the Moscow Stock Exchange fell 20% amid reports of sanctions.
As ITS told the publication, the introduction of restrictions on the St. Petersburg Stock Exchange contributed to a series of measures by the site.
“The ITS statutes describe the parties’ course of action in the event of such an event. The sanctioned shareholder withdraws from his capital,” said a representative of the stock exchange.
Timur Turlov’s Freedom Holding and St. Petersburg Exchange thought about the prospects of creating a platform in Kazakhstan on which it would be possible to trade foreign securities in 2022.
In early 2023, the non-profit Foundation for Support and Development of the International Financial Center, Freedom Holding and the St. Petersburg Stock Exchange became shareholders of ITS. SPB Exchange owns 10% of the site’s equity.
As representatives of the St. Petersburg Stock Exchange told Forbes, the platform provided ITS with its own technologies and business model for organizing trading in foreign securities.
Author:
Natalia Gormaleva
Source: RB
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