The first Russian bank was able to transfer assets frozen due to Western sanctions into a separate legal entity. This was announced at the V Congress of the Association of Banks of Russia by Deputy Chairman of the Central Bank Olga Polyakova.
The economist recalled that earlier in Russia a law was passed allowing such operations to be carried out to circumvent sanctions.
The bank was also able to withdraw liabilities – obligations to creditors.
“One of the systemically important banks has already gone through this procedure: just recently they made such a decision – they allocated assets, allocated liabilities into a separate legal entity“, – lead words by Polyakova RBC.
The law adopted in the summer of 2022 allows banks to settle accounts with foreign creditors using the frozen assets of a new company. After such an operation, foreign creditors are deprived of the right to demand early repayment of money from Russian banks, or termination of obligations with compensation for losses.
In May 2023, Russian President Vladimir Putin ordered legal entities that have obligations under Eurobonds to issue replacement bonds until 2024.
