NSD proposed a settlement scheme with Euroclear after the lifting of sanctions – Kommersant

A representative of the National Settlement Depository (NSD) at a meeting of the Moscow Arbitration Court on a class action lawsuit against Euroclear on January 24 spoke about the possibility of regulating relations with the Belgian depository in the event of the lifting of sanctions, they reported “Vedomosti”. Thus, Euroclear can pay its clients lost income on securities blocked in the Russian Federation from funds of Russian clients frozen in Belgium.

The scheme described by NSD is already used by the depositary by decree of Russian President Vladimir Putin dated September 9, 2023. The measure allowed investors to receive income on blocked foreign securities using funds in special “I” accounts. The court asked NSD representatives to prepare data on the applicants’ receipt of such payments. The meeting was adjourned to March 27.

In June 2022, the European depositories Euroclear and Clearstream blocked NSD accounts, which is why some of the securities of Russian investors were frozen. The total amount that Russian investors want to sue from the European depositary Euroclear has exceeded 200 billion rubles. Euroclear earned €3 billion from investing frozen Russian assets. Last December, NSD began settlement process for blocked foreign securities.

Lusine Balasyan