On Aug. 30, RUS GVT extended deadlines with foreign securities.
RUS GVT announced extension of deadlines for transactions with foreign securities.
Key Points
The Subcommittee of the Government Commission for Control over the Implementation of Foreign Investments in Russia has decided to extend the deadline for conducting transactions (deals) with foreign securities until Oct. 12, 2024.
Decree 844 established conditions for Russian private resident investors to sell their blocked foreign securities to non-residents using Investment Chamber LLC, #190878.
Private resident investors can sell foreign securities, including foreign shares, depository receipts, and investment units containing foreign shares, up to 100k RUB.
The final buyback price of foreign securities will be determined based on non-resident bids but will not be lower than the asset value at the close of trading on Mar. 22, 2024.
After the sale, Russian resident investors receive rubles, while non-residents acquire the securities and unsold or partially sold securities remain in deposit accounts.
Unused funds are returned to non-residents RUB accounts, including type C accounts.
Effectiveness
The deadlines for transactions with foreign securities are extended until Oct. 12, 2024.
