The Russian currency slumped to a more than one-year low
this month, which traders and analysts blamed in part on
foreign firms selling their Russian assets to local buyers,
although the central bank has sought to play down the impact of
such transactions.
Asset sales by investors from so-called "unfriendly"
countries, those that imposed sanctions against Moscow, require
approval from a government commission. The finance ministry has
said exit transactions should be carried out within strict
limits under central bank control.
"It needs to be developed further, but in principle, such an initiative could be considered as one of the measures to protect Russian assets frozen abroad," Central Bank Governor Elvira Nabiullina told lawmakers, in response to their proposal to pay departing foreigners with bonds instead of cash.
Such a radical move would face several obstacles, primarily, according to Nabiullina, that linking bonds to frozen assets may need Russia to disclose the structure and location of its reserves.
"We would not want that," Nabiullina said. She added that "forcibly imposing" these bonds on companies, or having foreign regulators in other jurisdictions unfreeze Russian assets was unlikely to be possible.
In some cases non-residents receive proceeds from asset sales or dividend payments in special "type-C" accounts. But access to these accounts is blocked for most foreign investors. Nabiullina said the bond scheme could work as an alternative to those accounts. (Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Alison Williams)
