MOSCOW, March 25. /TASS/. Bids for purchase of foreign securities from Russian private investors using funds in rubles, including from Type "C" accounts, are starting to be received. According to information provided by Investment Chamber, which acts as an organizer of trading, bids from residents-physical entities will be accepted from March 25 to May 8, 2024 through the mediation of their professional participants. Investors will be able to set forth more than 3,500 exchange instruments, with their full list having been published on the website of Investment Chamber.

Stages of asset purchase

The purchase transaction will consist of four stages. At the first stage physical entities-residents through their brokers, trust managers or managing companies of mutual investment funds submit irrevocable bids for sale of frozen foreign securities to trading organizer. No fees or any other payments will be charged from sellers.

Lots will be formed at the second stage. The trading organizer will form a single pool from foreign securities submitted for purchase and divide it into the most identic in terms of scope and cost. Later the organizer of trading will set a single starting price for all lots, which cannot be lower than the average cost of all lots.

At the third stage bids from potential purchasers-non-residents will be collected. They are to submit bids for purchase of lots for rubles at a price not lower than the starting price to the trading organizer. They will only be able to withdraw bids for improving the price conditions.

At the fourth stage the price of sale and acceptance of bids will be defined. The organizers of trading as a result of competitive selection of non-residents’ bids will define a single final sale price for all lots, which will not be lower than the starting price. Consequently, the final price of sale of each foreign security will not be lower than the starting price in rubles at the exchange rate of the Bank of Russia as of March 22, 2024 trade closing.