MOSCOW, January 31. /TASS/. The assets of foreign investors held on Type C accounts in Russia far exceed the amount of Russian investors’ overseas securities that have been frozen by foreign depositories, Central Bank of Russia official Olga Shishlyannikova told reporters.
"We have far more assets on our accounts [by the ratio of frozen securities of Russian fiscal residents versus non-residents]. But when we speak about frozen assets, we mean securities as well. However, securities are out of the question now; we are talking about Type C accounts only. This is because the foreign assets of our investors are frozen and will be bought up for cash, and these are only Type C bank accounts where returns on assets were received," Shishlyannikova said.
"Funds held on Type C accounts are probably not enough to cover this case," she noted.
The Central Bank of Russia is waiting for a decision by the relevant government commission to launch the swap mechanism, the official said. "We adopted regulations on our part close to the New Year and are awaiting a decision by the governmental commission. It will stipulate the timeframe for the asset swap and the organizer of the trade. Then the procedure will commence; we are looking forward to implementing it in 2024," she added.