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Report: Russia picks owners to control bourse for sanctions-hit firms

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Report: Russia picks owners to control bourse for sanctions-hit firms

The Russian government has chosen state-controlled PAO Promsvyazbank and Russian National Commercial Bank to become the shareholders of an exchange that will list the securities of sanctions-hit companies, news agency TASS reported.

Russian Deputy Finance Minister Alexei Moiseev expects the exchange could launch operations in December, according to the Oct. 17 report.

The Russian government planned since 2018 to establish an exchange for the listing of securities issued by Russian firms affected by sanctions as well as entities operating Crimea, which was seized by Russia in 2014.

St. Petersburg Currency Exchange Closed Joint Stock Co. could serve as the base for the new trading platform, Vedomosti said Oct. 17.

Bailed out by the Russian central bank in 2017, Promsvyazbank has been turned into a lender specializing in servicing Russia's defense sector firms in order to protect other Russian banks from potential Western sanctions. Russian National Commercial Bank, on the other hand, has been operating under sanctions since 2015 for its activities in Russia-annexed Crimea.