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Euroclear will resume operations with some Russian securities

15 июня 2023

On June 12, the international depository Euroclear announced the resumption of clearing operations with five Russian securities.

The securities include:

• Two floaters (OFZ with variable coupon income) - RU000A0JV4L2 on January 29, 2025 and RU000A101CK7 on April 24, 2024;

• Two inflation linkers (OFZ with an indexed par value) - RU000A0JVMH1 and RU000A103MX5;

• One issue of sovereign bonds Russia-25 2.875% EUR.

We remind you that settlements for all securities with RU ISIN (OFZ, corporate issues, sovereign Eurobonds and shares) were suspended in autumn 2022. The process of forced transfer of Russian securities from a foreign depository to a Russian one by November 10, 2022, as well as the process of deconverting receipts and transferring them to the Russian accounting system, has begun.

Euroclear plans to reconcile the lists of holders in relation to each issue of securities and resume operations upon successful completion of the checks. Euroclear "will evaluate each suspended security in accordance with standard operational reviews and apply the appropriate criteria (not on sanctions lists, assets not frozen)," the statement said.

If the securities qualify, the so-called internal free settlement rules will apply. This means that the buyer and seller can settle the security with Euroclear, but the buyer must transfer the money to the seller's account without Euroclear's involvement.

This measure will help foreign holders of securities from "unfriendly" countries to get rid of Russian securities, but will not allow them to receive coupon and principal payments from Russia. These transfers continue to be sent to special Type C accounts, subject to restrictions imposed by the Russian government in response to foreign sanctions.

Nadmitov, Ivanov & Partners Law Firm advises on sanctions legislation, the securities market, and international settlements.


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