Could New KASE Shareholders Also Face Sanctions?
On November 21, the Russian JSC Specialized Depository Infinitum was included in the latest US Treasury Department sanctions list, Orda.kz reports. Infinitum controls the mutual funds Levkoy and Nigella, which replaced the Moscow Exchange among the Kazakhstan Stock Exchange (KASE) shareholders.
The specialized depository Infinitum was among the Russian financial institutions under US sanctions.
Accordingly, organizations working with it bear the risk of secondary sanctions.
Nigella and Levkoy are closed-end mutual funds that split MOEX's KASE share. A few months after US sanctions hit MOEX, the two funds received 8.5% (Nigella) and 4.6% (Levkoy).
The National Settlement Depository website of the Russian Federation indicates that Nigella and Levkoy are listed as being serviced by JSC Specialized Depository Infinitum. The depository was registered in Moscow in 2000, and its beneficiary is businessman Pavel Prass, who, according to media reports, may be connected to Vladimir Putin’s inner circle.
Strictly speaking, the US sanctions extend only to Infinitum and not against specific mutual funds that the depository services. Formally, there are no direct risks for KASE from this decision.
Even after the Moscow Exchange fell under sanctions, several months passed before its departure as a KASE shareholder.
Original Auhtor: Nikita Drobny
Read also:
Latest news
- Zhezkazgan Airport Resumes Operations After An-12 Emergency Landing
- Middle East Escalation Disrupts Kazakhstan–Dubai Flights
- Three Rare Neolithic Burials Discovered in Kostanay Region
- Minister Promises Better Internet Access for Rural Areas
- Will Trump Visit Kazakhstan?
- Six-Lane Road to Almaty’s Ring Road Planned, Around 200 Land Plots Bought Out
- Housing Sales in Kazakhstan Rise 28% in One Month
- East Kazakhstan Residents Question Gas Station Restrictions on Fuel Canisters
- New Committee to Oversee Crypto Market and Payment System
- MFA Confirms Death of Young Kazakhstani Woman in Antalya
- Source of Shymkent Air Pollution Complaints Still Unclear
- Why Cheap Kazakh Gasoline Is Becoming a Regional Issue
- Southern Kazakhstan Records Magnitude 4.5 Earthquake
- Almaty Residents Oppose Covering City’s Open Irrigation Canals
- Where Are Incomes Highest in Kazakhstan After Almaty?
- Landfill Fire Breaks Out in Astana
- Qatari-Kazakh Gas Pipeline Project Gets Another $500 Million
- Russian City May Name Square After Tokayev’s Father
- Kazakhstanis Will Not Face New Loan Restrictions
- Dead Seals Found Near Aktau May Have Come From Iran, Officials Say
