President Putin signed a September decree allowing sanctioned Moscow Credit Bank to seize and dispose of securities held by failed London broker Sova Capital Ltd. without consent from UK administrator Teneo Financial Advisory Ltd. The order covers stakes in Rosneft and GAZPROM worth tens of millions of dollars. Those securities have been under the UK administrator’s control since Feb. 2022 but are physically trapped in Russia by sanctions; the decree could enable transfers that UK authorities ma

President Putin signed a September decree allowing sanctioned Moscow Credit Bank to seize and dispose of securities held by failed London broker Sova Capital Ltd. without consent from UK administrator Teneo Financial Advisory Ltd. The order covers stakes in Rosneft and GAZPROM worth tens of millions of dollars. Those securities have been under the UK administrator’s control since Feb. 2022 but are physically trapped in Russia by sanctions; the decree could enable transfers that UK authorities may be unable to block.