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Clarification by NSD on the terms of withdrawal of frozen assets to Euroclear

27 декабря 2022
167
On 28 December 2022 the National Settlement Depository ("NSD") posted on its official website clarifications regarding the terms of withdrawal of frozen assets (money or securities) of NSD to Euroclear.
  • NSD advised that it had received informal information from Euroclear that the Belgian Treasury would provide authorisation for the withdrawal of assets. 
  • The European operator (guarantor) may be a subsidiary of the person whose assets are blocked in Euroclear or a company otherwise connected with such person.
  • The term "sale" in relation to securities issued by Russian companies means the sale of securities.
  • The term "sale" in respect of securities issued by non-Russian companies may be understood to mean the transfer of the securities to a European broker or bank and the term "Russian company" is not disclosed.
  • The term "sale" in respect of money related to payments on securities may be understood to mean a conversion transaction (e.g. roubles into euros). Where the currency of the payments is euro or other currencies, the term is not disclosed.
To date, no further clarification has been received by NSD from Euroclear or the Belgian Treasury.

Source: https://www.nsd.ru/faq/nsd-euroclear/

Nadmitov, Ivanov & Partners law firm advises on dealing with the competent authorities in Belgium and Luxembourg in relation to obtaining authorisation from the competent authority to unblock securities at Euroclear and ClearStream.

Email: info@nplaw.ru
Tel: +7 (495) 649-87-12
+7 (495) 649-87-12