Frank Media quoted Sergey Tarasevich’s saying amendments to Decree No. 655, necessary to extend it to the frozen assets on the SPB Exchange

SPB Exchange hopes to extend the effect of Presidential Decree No. 665 to the assets of its clients. As a reminder, the directive provides for the payment of dividends and coupons on blocked foreign securities to Russian investors in roubles at the expense of the Ministry of Finance funds intended for payments to foreigners on sovereign Eurobonds. At the same time, payments under Presidential Decree No. 665 are made only for assets held through the National Settlement Depository (NSD), while assets held through SPB Exchange’s depository, SPB Bank, may not be covered by the decree.

At the same time, other adjustments will be required, apart from regulating the procedure of interaction between NSD and SPB Bank. Thus, Frank Media quoted a comment for RBC by Sergey Tarasevich, Associate of Tax& Administrative Law Practice at Maxima Legal, in which the expert drew attention to the inconsistency of the periods for which payments are supposed to be compensated. ‘The mechanism described in the decree provides for payments on outstanding obligations from 1 February 2022 to 9 September 2023, while sanctions were imposed on SPB Exchange in November 2023,’ Sergey noted.

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