LONDON, Feb 20(Reuters) - Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets. Teneo lawyer Mark Phillips told the court that the portfolio of Russian stocks had become "trapped" inside Sova, which had offered foreign investors access to Russian markets. "There is a substantial portfolio of Russian securities," Phillips said, "significantly impacted by legal restrictions and sanctions imposed by authorities around the world." Russian financial institutions, meanwhile, were mostly "subject to sanctions or asset freezes," which severely limited the "universe of potential buyers," Philips said. Lawyers expect wealthy individuals and institutions to continue seeking court approval for ways of exiting Russian investments while complying with sanctions.

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