The head of the Supervisory Board of the Moscow Exchange proposed the creation of an international depository based on the BRICS
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The head of the Supervisory Board of the Moscow Exchange, Sergey Shvetsov, announced the idea of creating an international depository based on the BRICS. According to him, the depository could become an alternative to international accounting organizations, while it will be distinguished by its “openness”. It is proposed that one of the BRICS institutions would become a founder.
BRICS is an alliance of five states: Brazil, Russia, India, China, South Africa.
Sergey Shvetsov recalled that there are three international depositories – Bank of New York, Clearstream and Euroclear. “All of them are connected to all central depositories of countries, respectively, we could well create a depository at the BRICS level that would connect to ”unfriendly” countries,” Mr. Shvetsov said at the St. Petersburg International Economic Forum, his words are quoted Interfax.
The National Settlement Depository of Russia maintains accounts with Euroclear and Clearstream. They ceased operations with NSD in March 2022 as part of the sanctions restrictions. As a result, the assets of Russian investors were frozen on the accounts of European depositories.
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