MOSCOW, February 28. /TASS/. The mechanism of exchange of frozen assets for funds on Type "C" accounts is expected to start working within a couple of weeks, Russian Deputy Finance Minister Alexey Moiseev told reporters.
"This mechanism was considered by a subcommittee, overall the approaches have been approved. <…> It is suggested that the exchange of assets will take half a year," he said, adding that the mechanism itself would start working within a couple of weeks.
It is suggested that Russian investors will receive "not less than the market value of assets in rubles" as of the beginning of exchange, the official added.
Asked whether assets frozen on the SPB Exchange will be exchanged, he noted that only the funds in the National Settlement Depository (NSD, part of Moscow Exchange Group) that have been frozen, will take part in the exchange.
Earlier, Russian President Vladimir Putin signed a decree ‘On additional temporary measures of economic nature related to foreign stock trading’ for the purpose of exchange of frozen foreign assets. The decree sets forth the procedure for selling foreign securities held by Russian and foreign nationals, including from unfriendly countries, at the expense of funds actually frozen with such foreigners at Type "C" accounts. This refers so far to the asset swaps amounting up to 100,000 rubles ($1,100) per investor.