Russia's SPB Exchange Battles Fraudulent Bankruptcy Claims: Report

<p><span>Russia's second-largest trading bourse, SPB
Exchange, is embroiled in a bizarre situation involving bankruptcy claims.
These claims, purportedly filed by fraudsters, caused the exchange's shares to
fall. </span></p>
<p><span>According to a report by <em>Reuters</em>, SPB Exchange has clarified
that it did not initiate any bankruptcy proceedings, emphasizing that it was
financially stable with no signs of insolvency. Notably, two separate filings
dated November 24th featured SPB Exchange as a defendant.</span></p>
<h1><span>SPB Exchange to Launch an Investigation into the Claims</span></h1>
<p>Interestingly, the Moscow Arbitration Court has
refused to acknowledge these filings. This has raised questions about the
authenticity and motive behind the purported <a href="https://www.financemagnates.com//">bankruptcy</a> claims. SPB Exchange has vowed
to seek legal recourse and launch an investigation into what it said was
forgery and improper declaration of <a href="https://www.financemagnates.com/tag/bankruptcy/" target="_blank" rel="follow">bankruptcy</a>.<span>&nbsp;
</span></p>
<p>Earlier subjected to US sanctions, SPB Exchange
faced challenges adapting its strategies focusing on settlements in rubles.
The challenges relate to sanctions targeting SPB Exchange and other measures restricting evasion of sanctions imposed against <a href="https://www.financemagnates.com/tag/russia/" target="_blank" rel="follow">Russia</a> last year.<span>&nbsp; </span></p>
<p><span>SPB Exchange grappled with a substantial setback
following the sanctions, compelling a temporary halt in trading activities,
according to a separate report by <em>Reuters</em>. These sanctions forced
the <a href="https://www.financemagnates.com//">exchange</a> to reorient its strategies towards settlements in rubles while
seeking international legal advice to navigate the complexities arising from
the trading pause.</span></p>
<h2><span>Navigating Sanctions in
Russia<span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></h2>
<p>The trading halt triggered concerns among
shareholders and compelled SPB Exchange to address <a href="https://www.financemagnates.com/terms/c/compliance/" target="_blank" rel="follow">compliance</a> demands from
foreign intermediaries. SPB Exchange's CEO, Evgeny Serdyukhov, highlighted the
necessity of compliance. The exchange limited settlements to transactions that were concluded before the sanctions were imposed.</p>
<p><span>Serdyukhov emphasized the engagement of
international sanctions lawyers to facilitate the transfer of shares, payments
to investors, and determine the appropriate currency for these transactions. </span></p>
<p><span>While SPB Exchange assured clients of the safety of
their asset holdings, Russia's central bank expressed concerns about the
exchange's long-term viability if foreign asset trading diminished. Governor
Elvira Nabiullina highlighted the risks associated with foreign securities and
estimated significant volumes of foreign shares being blocked.</span></p><p><br></p>

This article was written by Jared Kirui at www.financemagnates.com.