Page 113 - RusRPTOct22

8.3 Stock market
8.3.1 Equity market dynamics
Some 5mn Russian investors who lost access to their foreign shares may receive compensation. To do this, the Central Bank is going to create a special fund, which will transfer income from investing funds frozen in Russia by non-residents from "unfriendly countries."
The fact that the Central Bank is discussing the creation of a fund to pay compensation to private investors whose foreign shares were frozen due to sanctions, Elvira Nabiullina said today at the Moscow Financial Forum. The head of the Central Bank motivated this by the need to "return the confidence of investors."
About 5mn Russians suffered from the freezing of foreign securities, which were accounted for by NSD's depository. According to the Central Bank, only the portfolio of frozen shares owned by individuals is estimated at more than 320bn rubles. The total volume of securities frozen at NSD was estimated by the deputy chairman of the Central Bank, Vladimir Chistyukhin, at RUB6 trillion.
Sanctions against the NRM were introduced in early June. But access to securities was lost back in the spring - the European depositary Euroclear stopped working with NSD on its own initiative, without waiting for the
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