The Belgian Ministry of Finance refused Tinkoff Insurance to unblock assets

The Belgian Ministry of Finance refused Tinkoff Insurance to unlock its own assets in the Euroclear international depository. About it Frank Media Tinkoff press service reported. Tinkoff Investments’ application for a similar license is under consideration.

At the end of November last year, Tinkoff Investments requested a license from the Belgian Ministry of Finance, which would allow the transfer of clients’ assets from the National Settlement Depository (NSD) to other storage locations. In June 2022, the European depositories Euroclear and Clearstream blocked the accounts of NSD, due to which some of the securities of Russian investors were frozen.

Representatives of Tinkoff Investments noted that the request concerns the unblocking of all assets of clients not subject to sanctions. This includes both securities and cash that have been blocked in Euroclear, including dividends and payments to customers on bond redemptions.

“We believe that the probability (of unlocking assets.— “b”) is high. Tinkoff meets all the necessary criteria put forward by the European regulator,” the Tinkoff group noted.

The first to achieve recovery from the Belgian depositary was the bank “Saint-Petersburg”. By a court decision, $107.1 million in ruble equivalent was recovered from the European depository in favor of a credit institution. August 4 Belgian Ministry of Finance gave out license to unlock assets to Expobank. Lawsuits against depositories are also filed by private Russian investors. The total amount that Russian investors want to sue from the European depository Euroclear has already exceeded 200 billion rubles

Milena Kostereva