Overview
These FAQs summarize key information related to the Ukraine/Russia sanctions. This page will be updated to reflect additional sanction-related restrictions or other developments. Last update: January 10, 2025.
This FAQ is split into six parts.
- Cashiering Restrictions - Rubles
- Clients Who Have Positions in Russian Securities
- Sanctioned Russian Securities
- Non-Sanctioned Russian Securities
- Clients from Certain Regions in Ukraine
- The Luhansk and Donetsk Regions
- Account Restrictions
- The Kherson and Zaporizhzhia Regions
- Clients Who Bank Through Sanctioned Banks
- Restrictions Affecting Russian or Belarusian Nationals, Citizens, and/or Residents
- MOEX
- EU Securities Restrictions
- Cashiering Restrictions – Rubles
- Clients Who Have Positions in Russian Securities
The U.S. and other governments have specifically sanctioned certain Russian companies that issue securities, meaning these securities cannot be traded or transferred. In addition, the U.S. has prohibited the purchase of new and existing debt and equity securities issued by all Russian companies. As a result, trading in all Russian securities has been either fully or partially restricted.
Sanctioned Russian Securities
What Russian securities have been restricted?
Certain Russian securities subject to specific sanctions were fully restricted on May 25, 2022. You currently cannot trade or transfer your positions in any sanctioned Russian security.
As of June 6, 2022, you cannot open new positions (long or short) in non-sanctioned Russian securities. However, you may sell or hold your positions in non-sanctioned Russian securities.
If I hold sanctioned Russian securities, can I access my account?
Yes, you will have full access to your account. However, you will not be able to trade or transfer any positions in any sanctioned Russian security.
Can I trade or transfer my positions in sanctioned Russian securities to another broker?
No. Positions in sanctioned Russian securities are frozen. You are not able to trade or transfer these positions until the sanctions are lifted or you receive a specific license from OFAC.
Can I receive Dividends on Sanctioned Russian Securities?
No. We are not allocated the dividend from the custodian and is prohibited from processing dividend payments on sanctioned securities.
How will Corporate Actions be processed on sanctioned Russian Securities?
We will not perform processing on sanctioned Russian securities including Corporate Actions that would change the value of your position in the security (including conversions of securities positions into cash, such as via mandatory tender offer or cash merger or new rights or positions).Stock splits and other corporate actions that do not change the economic value of your position may be processed.
UK and Canadian Sanctioned Securities
What additional sanctions apply to U.K. and Canadians Persons?
The U.K. and Canada imposed their own sanctions on certain Russian issuers, on top of those issued by the U.S. and EU. U.K. and Canadian persons (including IBUK and IB Canada clients, and citizens/residents of the U.K. or Canada) may be fully restricted from trading or transferring positions in Russian issuers sanctioned by these jurisdictions. These issuers are listed or were previously listed on the Moscow Stock Exchange, the Vienna Stock Exchange, the Stuttgart Stock Exchange, and the Nasdaq Stock Market. For the most recent list of issuers, please click here.
For IBUK, Citizens of the U.K. (including U.K Territory), and Any Person Located in the U.K. or a U.K. Territory:
Non-Sanctioned Russian Securities
What are the restrictions on non-sanctioned Russian securities?
The U.S. sanctions prohibit U.S. financial institutions from facilitating the purchase of securities of any Russian company. This means that you cannot open new positions in Russian securities, including their derivatives.
Do I have to sell my positions in non-sanctioned Russian issuers?
No. You may hold your existing positions in non-sanctioned Russian securities or sell your positions, as you choose. Please keep in mind that your ability to close positions may be limited by exchange or local rules. For example, current restrictions by the Central Bank of Russia prevent clients from making any trades (opening or closing) on the Moscow Stock Exchange.
Is there a deadline for selling non-sanctioned Russian securities?
No, there is no wind-down period to divest. You may sell your positions in non-sanctioned Russian securities at any time so long as the market for that security is open to us for trading. For instance, we do not currently have access to the Moscow Stock Exchange.
Can I continue to purchase Russian securities or sovereign debt in the secondary market?
No, the prohibitions apply to any debt or equity security issued by a Russian entity, including sovereign debt. You can sell your Russian securities or debt positions or hold them, but you cannot make new purchases.
Can I convert my ADRs and GDRs in non-sanctioned Russian securities?
We are not supporting conversions of your ADRs and GDRs into RUB-based securities that deliver to your account. We may, on a best-efforts basis, facilitate conversions in which the underlying shares are delivered to a non-IB account. We discuss ADRs and GDRs in more detail below.
Can I transfer my position in non-sanctioned Russian securities?
Yes, you can transfer these positions to another brokerage account in your name, assuming the receiving broker will accept the positions.
Can I receive dividends on non-sanctioned Russian securities?
Due to changes made by the Russian Central Bank, we are not facilitating the payment of dividends on any Russian securities. Clients should contact the issuer to receive their dividends.
How will corporate actions relating to my non-sanctioned Russian securities be processed?
At this time, we note that many corporate actions on non-sanctioned Russian securities do not appear to be getting processed by our Custodian Bank. To the extent our Custodian Bank processes the corporate action, we will apply the corporate action to client accounts.
- Clients from Certain Regions in Ukraine
- Clients Who Bank Through Sanctioned Banks
- Restrictions Affecting Russian or Belarusian Nationals, Citizens, and/or Residents
Certain sanctions only impact Russian or Belarusian nationals, citizens, and/or residents.
MOEX
I am a Russian citizen. Will I be able to trade my non-sanctioned Russian stocks on MOEX?
We are a foreign broker and is restricted by the Russian government from trading on the Moscow Stock Exchange (MOEX). Therefore, you will not be able to trade on MOEX through your account.
EU Securities Restrictions
I am a Russian (or Belarusian) national or resident. Why can I not trade on EU exchanges?
The EU imposed sanctions prohibiting the sale or transfer of euro-denominated securities issued after April 12, 2022 (including proceeds of corporate actions) to Russian or Belarusian nationals (defined as all citizens of these countries who do not live in the EU) or people or entities located in Russia or Belarus.
In order to comply with these sanctions, we have restricted Russian and Belarusian nationals or residents, and entities located in Russia or Belarus or owned by Russian or Belarusian nationals or residents, from opening new positions or increasing existing positions (long or short) in any financial instrument in European exchanges, any financial instrument denominated in an EU currency, traded on any exchange, and any financial instrument that would be custodied at an EU Central Securities Depository.
Market Data Restrictions
I am a resident of Russia. Why can I not see market data for NYSE and Nasdaq?
Due to Russia’s continued involvement in Ukraine, NYSE and Nasdaq have suspended the provision of market data services to individuals and entities located in Russia. We do not know when NYSE and Nasdaq will resume these services.