MOSCOW (Sputnik) – The Russian Government Commission for the control of foreign investments has approved the terms of the exchange of frozen assets, and all transactions must be completed by September 1, the Russian Finance Ministry said on Monday.
«The Russian Government Commission for the control of foreign investments has established the procedure for calculating the total initial value of frozen foreign securities owned by one resident, and approved the terms of trading and transactions (transactions) with foreign securities,» the statement said.
The terms of operations are published on the website of the organizer of the auction, which is LLC «Investment Chamber».
After the start of Russia’s military operation in Ukraine on February 24, 2022, Western and EU countries imposed comprehensive sanctions against Russia, including the freezing of nearly half of the country’s foreign currency reserves. The West is estimated to hold some $300 billion in Russian central bank assets. The European Union is discussing ways to use the frozen assets to finance Ukraine’s reconstruction. Russia argues this is illegal and will ruin the West’s reputation as a safe haven for global money.
