Russian broker extends deadline in frozen asset swap scheme until Aug. 2
This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
Adds detail; paragraphs 4-9
MOSCOW, July 5 (Reuters) -The Russian broker organising a frozen asset swap scheme said on Friday it had extended until Aug. 2 the deadline to submit bids, at the request of non-resident investors.
The previous deadline was July 5.
The scheme, by Voronezh-based broker Investitsionnaya Palata (Investment Chamber), could allow Russian retail investors to exchange their frozen foreign securities with non-resident investors who have assets stranded in Russia.
The plan would allow foreign investors to use funds frozen in Russia to buy shares held by Russian investors in the West in companies such as Alphabet, Microsoft and Tesla. Similar arrangements would be made in reverse.
Moscow has presented the scheme as a way for both Russian and foreign investors to free up funds stranded by Western sanctions and Russian countermeasures since the start of the conflict in Ukraine more than two years ago.
As yet, it remains unclear whether Western authorities will co-operate, a point highlighted by Central Bank Governor Elvira Nabiullina on Thursday.
"We have been saying from the very beginning that we are offering this scheme as a voluntary opportunity, voluntary for Russian participants and for foreign participants," Nabiullina told a financial conference.
"For foreign participants it depends on the position of their regulators, so to what extent this idea will be realised depends on that."
She added that she did not think new sanctions in June on key Russian bodies, such as Moscow Exchange and the National Clearing Centre (NCC), would have a decisive impact on the proposed swap.
Reporting by Elena Fabrichnaya; Writing by Lucy Papachristou and Alexander Marrow; Editing by Andrew Heavens and Clarence Fernandez
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