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Peter Davis

An writer at FOMOdrive

  • Dec 22, 2023
  • 2 min read

Siluanov promised to return the frozen assets of 2.5 million investors

From 2024, the Ministry of Finance will initiate a system for the retrieval of frozen assets.

It is anticipated that 2.5 million Russian investors will be able to reclaim their assets that have been frozen overseas.

Anton Siluanov, the head of the Ministry of Finance, announced at a meeting of the Presidential Council for Strategic Development and National Projects that a mechanism for returning blocked assets of private investors will be operationalized next year.

RBC reports that the Ministry of Finance's mission is to assist those with funds locked in foreign assets, as per his statement.

Siluanov stated that, so far, 3.6 million Russians have been impacted by asset blocking. He expressed optimism that approximately 2.5 million of those affected will be able to get their investments back.

He also declared the commencement in 2024 of long-term investment plans - IIS-3 and LDS (long-term savings plan).

According to Siluanov, one of the tasks is to bring back foreign investors to the Russian market. The Ministry of Finance is working on creating conditions for foreign investors to be able to take out their assets in exchange for investments in Russia.

In accordance with President Putin's Decree No. 844, the Ministry of Finance is taking steps to put into effect a unlocking mechanism. This mechanism stipulates that the cost of blocked securities offered for exchange should not exceed 100 thousand rubles per investor, and the exchange will be voluntary.

The Central Bank later established the process for exchanging blocked assets, yet there is still no clear understanding of what shape these auctions will take.

In December, the St. Petersburg Exchange had already started making preparations for the introduction of this system, informing brokers that the St. Petersburg Clearing settlement system had removed any limitations on the movement of securities between non-trading areas.

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