The present invention relates to an AC/DC converter comprising at least two phase legs connected in series between first and second DC connection terminals of the AC/DC converter, wherein each phase leg comprises: an AC connection having first and second terminals arranged to connect the phase leg to a phase of an AC system; a phase branch comprising at least one converter cell and having first and second branch end terminals; and a capacitor. The capacitor is connected the between the first branch end terminal and the first AC connection terminal, so that the capacitor forms a DC blocking capacitor. The second AC terminal is connected to the second branch end terminal. The series connection of the phase legs between first and second DC connection terminal is such that a first series connection point in a phase leg is located between the first branch end terminal and the capacitor, while a second series connection point is located between the second branch end terminal and the second AC connection. The invention further relates to a method of operating such AC/DC converter.