The US sanctions have brought down profits at the PJSC SPB Exchange. PJSC SPB Exchange, located in Moscow, published interim financial results for the first half of 2024 which showed a negative impact from US sanctions imposed on the company in November 2023.
The SPB Exchange said that as a result of blocking sanctions, trading in foreign securities was stopped, leading to a decrease in revenues from services and commissions by 85.88%, to RUB 116.2 million, compared to the same period last year (RUB 823.2 million). This, according to the SPB Exchange, is due to the entry of the company into US sanctions and the need to cease trading in foreign assets.
The exchange’s profit for the first half of 2024 amounted to 511.52 million rubles, which was 17.49% less than in the first half of the previous year.
In 2024, the UK imposed sanctions on PJSC SPB Exchange, claiming that it was involved in obtaining benefits from or supporting the government of Russia by conducting business in sectors of strategic significance to Russia’s government, specifically the Russian financial services sector.
