Russian investor without an EU residence permit has achieved the unlocking of assets for €10 million
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A Russian private investor who does not have a residence permit in the European Union received a license to unlock frozen assets worth more than €10 million in Euroclear from the Belgian treasury. About it informed legal company BGP Litigation, representing the interests of the Russian.
“The Belgian regulator has confirmed that all conditions under Article 6 and Article 6(b) paragraph 5 of EU Regulation 269/2014 have been met. The result was achieved on its own and without the involvement of Belgian consultants: statements and additions, as well as communication, were conducted by the lawyers of the practice,” the company explains, without disclosing the name of its client.
The company said in a statement that the most effective strategy for private investors would be to apply for individual licenses to unlock frozen assets. “You should not wait for a decision to be made on the collective applications of their brokers or depositories,” BGP Litigation clarifies.
Previously reportedthat another Russian investor, who has a residence permit in the EU, also managed to unlock assets in the Euroclear depository.
In the spring of 2022, Euroclear and Clearstream blocked their NSD accounts, through which Russian investors kept assets in European depositories. At the beginning of June 2022, the EU included the NSD in the sanctions list, securing the decisions of the depositories. According to the Bank of Russia, at the end of November 2022, the assets of Russian investors in the amount of about 5.7 trillion rubles were blocked in Euroclear and Clearstream. At the end of last year, the financial regulators of Belgium and Luxembourg allowed the filing of applications for the release of assets until January 7, 2023, but the cases of such applications being satisfied are isolated.
Read more in the material “Kommersant” “Residence permit in Euroclear”.
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