Russia is considering exchanging frozen assets | MENAFN.COM

Wednesday, 01 February 2023 01:24 GMT

Russia is considering exchanging frozen assets


(MENAFN) According to Finance Minister Anton Siluanov, Moscow is considering swapping foreign assets frozen in Russia for Russian assets taken by Western countries.

“We have such initiatives under consideration,” the official stated in an interview with Rossiya 24, adding that it is essential to consider the interests of both Russian and international investors on this topic.

He highlighted that such a swap is "theoretically" conceivable, but that legal solutions that would allow Russia to use frozen assets of foreign investors for settlements in exchange for the country's property taken abroad would need to be devised. Siluanov further stated that the number of sanctioned assets should be checked and confirmed first.

As per Russian estimates released earlier this year, Western sanctions have frozen about $300 billion in the country's foreign currency reserves. In addition, billions of dollars in assets belonging to Russian persons and enterprises have been seized.

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