Asset freeze still possible.8 Mar 2022 09:41
The Central Bank prepared an order prohibiting professional participants in the financial market from transferring income on securities of Russian issuers to foreign individuals and legal entities from 12:00 on February 28 (Vedomosti got acquainted with the document, its authenticity was confirmed by a federal official). In fact, we are talking about a moratorium on the withdrawal of dividends and interest on bonds. In addition, there will be a ban on the withdrawal of "subsidiaries" of foreign holdings of profits abroad, said a source close to the government. The information was confirmed by two federal officials.
“The sanctions that are applied to us, as well as retaliatory countermeasures, will have systemic consequences for all our international counterparties,” he said. Responsibility for these effects will lie with those who decide to use economic pressure on the Russian economy and citizens as an alternative to dialogue, a federal official involved in the discussion of support measures told Vedomosti. The interlocutor close to the presidential administration adheres to the same opinion.
Vedomosti sent a request to representatives of the government, the Ministry of Finance, the Ministry of Economics and the Central Bank.
Earlier, the authorities published the first batch of countermeasures against countries that have imposed anti-Russian sanctions. The package is aimed at restrictions on the cross-border movement of capital. The list includes the following counter-sanctions.
“A ban on the implementation of foreign exchange transactions related to the provision by residents in favor of non-residents of foreign currency under loan agreements” - such a wording is given on the Kremlin website. As explained by a source close to the government, this wording does not imply that companies will be prohibited from paying off their debts to foreign counterparties - it is only about blocking lending by residents to non-residents. In fact, the purpose of this measure is to prohibit the withdrawal of capital to offshore and other jurisdictions through loan agreements, said a source close to the government.
Another counter-sanction is a ban on residents crediting foreign currency to their accounts and deposits opened with banks and other financial institutions located outside of Russia. In addition, Russian residents are prohibited from making cross-border transfers through foreign payment systems without opening a bank account in Russia. According to a federal official, we are talking about the difficulty of withdrawing funds.
Elvira Nabiullina, chairman of the Central Bank, also spoke about plans to implement measures against the export of capital from Russia by non-residents during her speech on February 28. “We constantly monitor exchange trading and take action if necessary. In particular, restrictions have already been introduced on the sale of securities by non-residents,” Nabiullina said. From February 28, the regulator introduce
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