Kazakhstan refuses to help Russia circumvent financial sanctions

The creation of a Russian-Kazakh hub under the special tax regime of Kazakhstan, which could help Russia bypass Western sanctions and attract foreign funding to the Russian market, is not discussed. This is reported by Kursiv.media , citing sources in the financial market.

There is no talk of any creation of a special exchange based on Russian capital, the publication claims. At the moment, the possibility of using the technological developments of the St. Petersburg Exchange to create a new trading platform is being considered, however, direct or indirect participation of Russian officials or legal entities in the capital is not considered. Similarly, the project does not provide for the possibility of trading Russian securities, which could help them circumvent sanctions and attract foreign investment.

“The project also does not involve the participation of Russian capital in it in any form. Including Russian share capital, ”said one of the sources of the publication.

The lack of an idea to create a Russian-financial hub was partially confirmed by the founder of Freedom Holding, Timur Turlov; The entrepreneur did not comment on the negotiations in detail, but noted that there was no question of creating a special exchange for Russia. Moreover, he assured that the holding works exclusively in the legal field, including international restrictions.

“We consider our participation only in international projects with a transparent and understandable structure for all its participants, as well as regulatory and supervisory authorities, and exclusively within the framework of the rules of the game that have been currently formulated by the international community,” Turlov said.

On June 20, it became known that the St. Petersburg Stock Exchange, together with Freedom Holding, is considering the possibility of creating an exchange in the special tax zone of Kazakhstan, which could help Russian companies attract foreign financing bypassing sanctions. Sources claimed that the project was being worked out with the approval of the Bank of Russia.

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