The head of the St. Petersburg Exchange will be replaced

On November 2, the St. Petersburg Exchange came under US blocking sanctions , after which trading on the site was temporarily suspended. The exchange's press service clarified that Serdyukov's main task in his new position will be to unlock assets Evgeniy Serdyukov

First Deputy General Director of the St. Petersburg Exchange Evgeny Serdyukov will replace Roman Goryunov as General Director, the exchange said in a statement.

The press service clarified that Goryunov is also leaving the board of directors of the St. Petersburg Exchange. “Serdyukov will first of all continue to work with counterparties to establish a procedure for action under sanctions. The main and primary task of the St. Petersburg Exchange is to provide investors with access to assets,” the statement says.

Commenting on the appointment, Serdyukov emphasized that St. Petersburg Exchange is resistant to shocks and has a sufficient level of capital, and its team has experience working and developing business “in conditions of uncertainty and extreme infrastructural changes.” “After solving the primary task, the St. Petersburg Exchange will implement a new development strategy, within which it will focus on trading in investment instruments with settlements in rubles, and will maintain and develop projects in the Russian financial market,” the top manager added.

Over 2 thousand shares and depositary receipts of international companies, as well as ETF securities, are traded on the exchange. The volume of transactions in the main trading mode with foreign securities on the St. Petersburg Exchange at the end of October amounted to $3.09 billion.

The total number of Russian securities listed on the exchange exceeds 60.

On November 2, the St. Petersburg Exchange came under US blocking sanctions, and trading was temporarily suspended on the site. At the same time, OFAC issued a license to exit the securities of the St. Petersburg Exchange until January 31, 2024. Following the news of sanctions at the auction, the company's quotes began to decline sharply. At the end of the main session on Thursday, the Moscow Exchange's shares fell by 22.77%.

A day later, the exchange resumed trading in some Russian securities, but trading in foreign ones was still impossible. On Monday, the St. Petersburg Exchange reported that it was taking all possible actions to provide access to assets, taking into account the restrictions imposed. They noted that trading in foreign securities was suspended in order to carry out compliance procedures.

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According to independent analyst Andrei Barhota, the financial impact of American sanctions can currently be estimated at 1–1.5 billion rubles. lost operating income per year. In terms of strategic development of the St. Petersburg Exchange, it is likely that the Exchange will reorient itself towards transactions with ruble instruments, corporate clients and settlements with friendly countries, he believes.