Russian SPB Exchange has prepared an annual report for 2024, which will be discussed at the annual meeting of shareholders on June 26. The document states that on April 7, 2025, the exchange submitted an application for exemption from the SDN list to the Office of Foreign Assets Control (OFAC).
The exchange explained that its lawyers started preparing the application at the end of 2024.
OFAC imposed sanctions on SPB Exchange on November 2nd, 2023. As a result, foreign counterparties of the exchange suspended interaction with its trading platform, afraid of being responsible for violating US sanctions, including secondary sanctions. Starting from November 2nd, 2023, SPB Exchange ceased trading in foreign securities.
As a result of the sanctions, assets worth about $3 billion belonging to exchange clients were blocked.
According to a report for 2024, despite sanctions, the exchange saw an increase in its annual profit. In 2024, profits amounted to 1.07 billion rubles, an increase of 57.06% compared to 2023.
SPB Exchange was founded in 1997 and has been on US and UK sanctions lists since 2023 and 2024 respectively.
