Belgium approves 10% of considered applications to unlock Russian assets
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The Belgian Treasury has granted about 10% of applications for the release of assets that were frozen in Euroclear after the start of Russia’s military operation in Ukraine, Francis Adins, general adviser to the department, said.
“The Belgian Treasury has received 1,300 applications from both European and non-European investors – individuals and legal entities. All requests that met the rules and general conditions received permission (about 10%),” said Forbes Mr Adins.
According to him, the procedure for unlocking assets is complex, and the number of requests is high (800 applications have been received since the start of hostilities in Ukraine), so the processing time can vary from one to nine months, depending on the case.
May 16, Head of the Central Bank of Russia Elvira Nabiullina reportedthat the measures taken by the Russian authorities, including the forced conversion of depository receipts, helped to restore the rights of some Russian investors. According to her, investors have returned assets for about 3 trillion rubles.
In December 2022, the National Settlement Depository received permission to unlock foreign assets from the Luxembourg Ministry of Finance and the Belgian Treasury. At the Central Bank then declaredthat the permits of the European authorities to unlock assets do not guarantee their return to investors. In April 2023, it became known that a Russian in Belgium received permission to unfreeze assets.
Read more about this in the material “Kommersant” “Mediocre defrosting”.
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