Russian investors received the first refusals from the Belgian Ministry of Finance to unlock assets

The Belgian Ministry of Finance sent the first responses to requests to unlock the assets of Russian investors in the European depository Euroclear. Private investors were rejected. This is reported RBC with reference to sources working in the field of sanctions law.

According to RBC sources, the Belgian regulator sent responses to three Russian law firms that applied on behalf of private investors. In one of the letters cited by RBC, the refusal was explained by the fact that the request concerned the transfer of funds outside the European Union, and not the sale of assets on frozen accounts.

The response also states that the investor did not prove the termination of operations or agreements with the National Settlement Depository (NSD). The refusal of the regulator can be appealed within 60 days from the date of its receipt.

The Telegram channel was the first to inform investors about the refusal The Sanctions Law with reference to two employees of law firms. Sources also said that the Belgian Ministry of Finance refused, citing the lack of evidence to stop operations with NSD.

Following the imposition of EU sanctions on NSD, Clearstream and Euroclear suspended operations with NSD. According to the Central Bank, as a result, about 6 trillion rubles were frozen.

20 December 2022 Ministry of Finance of Luxembourg gave permission to unlock assets that are stuck in Clearstream before June 3 (before the imposition of EU sanctions). December 22 similar resolution has provided The Belgian Ministry of Finance is the regulator of Euroclear.

To release the assets, proof is required that the investors that NSD is requesting are not under sanctions. In addition, the permit provides for the sale of securities to terminate legal relations with NSD.

Lusine Balasyan