The vehicle maintenance and repair company “Info Driver” requests to force “SPB Bank” and “Finam” to remove the assets from the blockade in an original manner. Vedomosti writes about this referring to the file of arbitration cases.
The size of assets blocked due to sanctions against SPB Exchange represents approximately 10% of the company’s revenue for 2023. It is about 5.5 million rubles. Info Driver’s revenue last year amounted to 54.6 million rubles.
To unblock the company, the company proposed the following scheme: the subsidiary bank of the St. Petersburg Stock Exchange can first segregate the LLC’s securities into a separate securities account and reveal information about its beneficial owner in higher deposits. After this, the court could force Finam, whose client is Info Driver, to change the depositary from St. Petersburg Bank to Cypriot Lime Trading, with which Finam also cooperates.
An attempt to change the depositary through the courts does not seem justified, since the depositary is determined by an already established contractual chain of custody, says Kira Vinokurova, partner at Pen & Paper. The lawyer also warned that even if the court upholds the claim, the transfer of blocked assets will still require obtaining a license from OFAC.
The United States introduced blocking sanctions against the St. Petersburg Stock Exchange in November 2023. Transactions with foreign instruments and securities are not carried out there. The volume of securities of Russian investors frozen on the St. Petersburg Stock Exchange is estimated at $3 billion.
Author:
Karina Pardaeva
Source: RB
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