SPB Exchange intends to obtain permission from the US Office of Foreign Assets Control (OFAC) to withdraw clients’ assets, said the site’s general director, Evgeny Serdyukov. The exchange posted a video on its Telegram channel in which Serdyukov explains future plans for the site in relation to sanctions.

SPB Exchange seeks to get OFAC to unfreeze its clients’ assets

According to the general director of the St. Petersburg Stock Exchange, the site will return the assets in full. We are currently actively working with a team of international sanctions lawyers. Experts help develop scenarios to unfreeze client assets

“Our main strategy is interaction with the US Office of Foreign Assets Control,” Serdyukov said.

He also stressed that the exchange does not plan liquidation or bankruptcy, but, on the contrary, is working on new projects for trading in Russian currency. It will be possible to talk about the implementation of such tasks after client assets are unlocked. However, according to preliminary calculations, this trade could begin in early 2024.

  • The SPB Exchange was subject to US sanctions on November 2. Inclusion on the SDN list means isolation from the dollar system, freezing of assets and prohibition of cooperation with American companies. In this sense, the site was forced to suspend trading in foreign securities.
  • On November 27, it became known about the stock exchange’s bankruptcy request. The Moscow Arbitration Court declared that it did not accept the request and the exchange itself did not confirm its presentation. However, the market reacted to the news and stock prices fell by more than 30%.
  • At the end of the month, the Central Bank described the case of false bankruptcy as an action “close to a crime.” The fact of submitting an application will be examined by law enforcement agencies and the Central Bank, in turn, will evaluate the situation from the point of view of market manipulation.


Natalia Gormaleva

Source: RB

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