A high voltage AC/DC or DC/AC power conversion system including a voltage source converter with at least two series-connected converter valve bridges, at least two reactors, where each of the reactors is connected to one of the AC phase terminals of the at least two bridges and at least one transformer connected to an AC supply voltage. In order to block a DC voltage from the at least one transformer, one of at least two capacitors is connected in series with each of the at least two reactors and is connected between the corresponding reactor and the at least one transformer.