SPB Bank is preparing an application to the US Treasury on unlocking investors’ assets

SPB Bank is preparing an application to the US Treasury on unlocking investors’ assets


SPB Bank is preparing an official request to the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) with a proposal to issue a license allowing the assets of trading participants to be unblocked, according to a message to clients from the investment company Digital Broker. The letter is available RBC.

The company informed clients that it had withdrawn the blocked assets from the settlement center of the St. Petersburg Exchange – “SPB Clearing” – and transferred them to its account in St. Petersburg Bank (the depositary of the St. Petersburg Exchange). The message notes that it is impossible to dispose of papers in both storage locations. At the same time, the transfer is necessary for the potential unlocking of assets, the publication reports.

The broker clarified that the transfer of securities from St. Petersburg Clearing to the St. Petersburg Bank account is necessary to include them in the lists for the purpose of applying for a license. The depository’s press service told RBC that such actions by trading participants are part of the strategy for unlocking client assets, which SPB Bank presented to OFAC.

SPB Exchange hit under US sanctions on November 2, 2023. At the same time, OFAC issued a license to curtail operations with the trading platform until January 31, 2024. January 10 SPB-bank sent OFAC strategy for unlocking assets, which involves removing the depositary from the control of the sanctioned trading platform by reducing its share in the authorized capital. To do this, OFAC must issue a special license.

February 7 SPB-bank reportedthat he agreed with some friendly counterparties to unblock client assets in the amount of $15.78 million. Due to US sanctions against the St. Petersburg Exchange turned out to be $3 billion of Russian investments in foreign securities have been frozen.

About the plans of the St. Petersburg Exchange to unlock assets – in the material “Kommersant” “Shares are being shifted away from sanctions”.

Erdni Kagaltynov



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