The EC allowed settlements with the National Settlement Depository of the Russian Federation if it does not receive benefits
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The European Commission has clarified the conditions under which European depositories will be able to settle accounts with the National Settlement Depository of the Russian Federation (NSD) for payments to Russian investors. The NSD sanctioned should not receive economic benefits from this, transactions must be coordinated with national regulators.
Interviewed RBC experts suggest that this will not make it easier to transfer the frozen assets to Russian investors. Firstly, financial market participants will have to disclose the recipients of payments in order to prevent transfers to persons subject to sanctions. Secondly, according to the sanctions regulations, the unfreezing of assets still requires a separate license from European regulators. According to Pen & Paper Senior Partner Anton Imennov, the obligation to freeze assets is independent of the obligation not to make transactions.
NSD, through which the majority of Russian securities moved, came under EU sanctions in June. In fact, Brussels legalized the actions of the European depositories Euroclear and Clearstream, which stopped all transactions with NSD back in March. By evaluation Central Bank, the amount of securities of Russian residents blocked in the NSD is about 6 trillion rubles.
About sanctions against NSD – in the material “Kommersant” “National Ruble Depository”.
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