The custodian of the sanctioned SPB Exchange will contact OFAC (U.S. Treasury’s Office of Foreign Assets Control) with a request to unfreeze the assets.
The exchange consulted with international lawyers and developed a strategy to unlock assets. The exchange will offer OFAC several mechanisms.
Thus, according to one of the scenarios, the share of the stock market in the authorized capital of SPB Bank could be reduced. Additionally, the strategy provides for a clarification of OFAC’s general license and its extension to broker clients.
In another scenario, the exchange could propose that OFAC issue a separate license specifically for unlocking. Or develop a new general license.
The timing of the strategy will depend on the mechanism OFAC approves.
The head of the St. Petersburg Stock Exchange, Evgeny Serdyukov, announced plans to obtain permission from OFAC to withdraw client assets by the end of November. It was then announced that they would return the goods in full.
SPB Exchange was included in the US SDN list at the beginning of November. This means for the site the isolation of the dollar system, the freezing of assets and the ban on cooperation with American companies.
Author:
Natalia Gormaleva
Source: RB
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