MOSCOW, November 11. /TASS/. The Bank of Russia introduced criminal penalties for holders of shares of Meta Platforms (recognized as extremist, banned in Russia), First Deputy Chief of the regulator Vladimir Chistyukhin told reporters on Friday.
"They may face criminal penalties after the legal status of securities holders is clarified. We first need to decide whether we will consider Meta shares as extremist investments. If this is recognized as such, then there will probably be some restrictions," he said on the sidelines of the Finopolis-2022 forum.
When asked why the SPB Exchange would completely stop transactions with Meta shares before determining their legal status, Chistyukhin said it is because of the compliance risk (of legal sanctions or sanctions from regulatory authorities).
"There is compliance risk from the outset. After all, for example, some foreign states restrict cross-border settlements not because there are any sanctions, but because their authorities believe that it would not be bad to limit communication with one or another Russian company," he explained.
On October 11, Russia’s Federal Financial Monitoring Service added the Meta Corporation to the register of extremists and terrorists. The corporation is listed as Meta Platforms Inc. In March, the Tverskoy District Court of Moscow recognized the activities of Instagram and Facebook, owned by the American company Meta, as extremist and banned their work in Russia.
The SPB Exchange, in turn, reported on its website that, under federal law "On Combating Extremist Activity", from November 14, 2022, it would completely stop trading in Meta shares. Russian brokers, in particular Tinkoff Investments and Freedom Finance, have asked clients to sell the company's shares by November 11.