Kazakh broker cuts off Russians from international securities

Kitco Media
By Reuters
Published:
Updated:
Reuters
ALMATY, April 26 (Reuters) - One of Kazakhstan's biggest brokerages, Halyk Finance, will no longer allow Russian and Belarusian customers to buy non-Kazakh securities after the Kazakh Stock Exchange instructed that such customers' accounts be segregated, it said on Wednesday. Using the services of Kazakh brokers, Russian investors have previously been able to buy a limited range of international stocks and bonds, including Eurobonds of Russian companies, which trade at steep discounts in the West but can be resold profitably in Russia. Halyk Finance said in a statement that the stock exchange and Kazakhstan's central securities depository would start the segregation from May 1 and that the move might delay deal settlements. It said it was preemptively disallowing such investments by Russian clients to avoid issues such as fines due to delays. Officials at the Russian embassy in Almaty did not immediately respond to requests for comment.


Despite having close economic and security ties with Russia, ex-Soviet Kazakhstan has said it would observe Western sanctions against Moscow over its invasion of Ukraine. (Reporting by Olzhas Auyezov Editing by Bernadette Baum)

Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))
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