MOSCOW, March 25 Reuters Russian brokers on Monday launched a swap scheme that could allow Russian retail investors to sell their frozen foreign securities to nonresident investors with assets stranded in Russia.

Moscow presents the plan as a way for both Russian and foreign investors to free up assets that have been blocked by Western sanctions and Russian countermeasures since the start of the conflict in Ukraine more than two years ago.

The finance ministry has appointed Voronezhbased broker Investitsionnaya Palata Investment Chamber to run the scheme. The broker on Monday said it had set starting prices for purchasing foreign securities and said retail investors wishing to take part could submit offers until May 8.

Russianowned foreign securities will be pooled into lots for which foreign buyers can bid between June 3 and July 5, with payment from special typeC accounts in Russia, which are otherwise effectively blocked.

The offers submitted by Russian private investors will be irrevocable until September 1, 2024, the broker said in a statement. After submitting their offers, sellers will be temporarily unable to dispose of the foreign securities offered for purchase but will retain ownership.

As a result of sanctions, more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles 16.2 billion. They can apply to sell up to 100,000 roubles worth of foreign securities under the scheme. According to the central bank, 80 of affected…