The “sanctioned” exchange has a new owner

The “sanctioned” exchange has a new owner

The

Investing.com – Konstantin Noskov, who served as Minister of Digital Development, Communications and Mass Media from 2018-2020, became the head of the St. Petersburg Currency Exchange (SPCE). Before Noskov, it was headed by the ex-head of the Russian Union of Auto Insurers (RSA) Pavel Bunin, writes The Bell.

As the newspaper notes, the people call the exchange “sanctioned”, since it hosts Russian companies that are under international sanctions.

The main shareholder of SPVB shares is Promsvyazbank, owned by the Ananiev brothers. As “Interfax” reminds, in December 2017, the bank got under reorganization and was transferred to the Fund for Consolidation of the Banking Sector, controlled by the Central Bank, and then became the property of the Federal Property Management Agency.

On the basis of Promsvyazbank, a bank was created to service the state defense order and large state contracts.

8.9% of the authorized capital of the exchange belongs to the Central Bank. Alfa-Bank and Bank Saint Petersburg withdrew from the capital of the exchange when it was decided to trade in the shares of companies that fell under the sanctions.

According to Interfax, at the end of 2019, bonds of the sanctioned Crimean RNKB were placed on the exchange and admitted to trading, and since April 2020, the bonds of Komkor, the main operating asset of the Akado telecommunications holding of the Renova Group, which also is under sanctions, like its owner Viktor Vekselberg.

Now SPCE is conducting direct repo transactions with the Bank of Russia, as well as auctions and tenders for placing funds on deposits in authorized banks. In particular, it conducts deposit operations of the Federal Treasury, funds from the Pension Fund of Russia, money from the budget of St. Petersburg and the Leningrad region are placed through the exchange. Their volume in the second quarter of 2019 was 440 billion rubles. The volume of trading in securities, for comparison, amounted to only 105 thousand rubles, wrote RBC.

At the end of 2019, bonds of the sanctioned Crimean RNKB (located in the SDN List) were placed on the exchange and admitted to trading, and in April 2020, the bonds of Komkor, the main operating asset of the Akado telecommunications holding of the Renova Group, were admitted to the placement. (sanctions were also imposed on Renova and its owner Viktor Vekselberg).

The text was prepared by Alexandra Shnitnikova

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