Forbes Russia quoted Sergey Tarasevich’s opinion on how to extend the effect of Decree No. 665 to the assets blocked on the SPB Exchange

SPB Exchange said it is discussing with Russian regulators the payment of dividends on foreign securities frozen due to sanctions against the trading floor. The idea is to extend to these assets the mechanism under Decree No. 655, which provides for the payment of income from funds intended for payments to foreigners on sovereign Eurobonds.

The payment mechanism described in Decree No. 665 works effectively, but the document would have to be amended to apply to assets blocked on the SPB Exchange. ‘Firstly, the mechanism provides for payments on outstanding obligations from 1 February 2022 to 9 September 2023, and SPB Exchange came under the US sanctions in November 2023. Secondly, it may be necessary to regulate the procedure of interaction between NSD and SPB Bank (the depository of the SPB exchange) on this issue: so far NSD acts as the only main agent for payments to Russian investors,’ said Sergey Tarasevich, Associate of Tax& Administrative Law Practice of Maxima Legal, in a comment for RBC, quoted in Forbes Russia.

To read the full article (in Russian), please, see Forbes Russia website  >>>