"The Russian Government Commission for the control of foreign investments has established the procedure for calculating the total initial value of frozen foreign securities owned by one resident, and approved the terms of trading and transactions (transactions) with foreign securities," the statement said.
The terms of operations are published on the website of the organizer of the auction, which is LLC "Investment Chamber".
The acceptance of applications from Russians within the framework of the exchange of frozen assets will begin on March 25 and end on May 8, and Russian citizens will be able to submit more than 3,500 exchange instruments for buy back as part of the exchange-traded instruments of frozen assets, the ministry said.
After the start of Russia's military operation in Ukraine on February 24, 2022, Western and EU countries imposed comprehensive sanctions against Russia, including the freezing of nearly half of the country's foreign currency reserves. The West is estimated to hold some $300 billion in Russian central bank assets. The European Union is discussing ways to use the frozen assets to finance Ukraine's reconstruction. Russia argues this is illegal and will ruin the West’s reputation as a safe haven for global money.