Russian President Vladimir Putin has signed a decree that allows foreign investors to use their frozen funds in Russia to purchase blocked assets belonging to Russians abroad. This move comes as a response to the sanctions imposed by the West due to Russia’s actions in Ukraine, which have resulted in over 3.5 million Russians having frozen assets worth approximately 1.5 trillion roubles ($16.3 billion) abroad.
The decree permits citizens from what Russia considers “unfriendly” countries to acquire frozen securities held by Russians abroad using funds from special “type-C” accounts in Russia, which are otherwise inaccessible. In the initial phase, Russia plans to unblock accounts valued at around 100 billion roubles.
The text of Putin’s decree explicitly states that it is a reaction to the actions of the United States and other nations and organizations, which Russia deems “unfriendly and contradictory to international law.”
Please note that the exchange rate is $1 = 91.8080 roubles.
(Reporting by Elena Fabrichnaya and Mark Trevelyan; Editing by Andrew Cawthorne)
