The Ministry of Finance of Luxembourg allowed the unblocking of part of the frozen assets of the NSD
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The Luxembourg Ministry of Finance has given permission to unlock assets, securities and coupon income that were stuck in the Clearstream international depository until June 3, when the EU imposed sanctions on the National Settlement Depository (NSD). This is reported in a document on the website of the department (.pdf).
The Ministry of Finance’s license allows “to release certain frozen cash and economic resources” held by NSD. Accordingly, the assets of non-sanctioned investors can be transferred from NSD to other places of storage. The permit is valid until January 7, 2023.
After the introduction of EU sanctions against NSD, depositories Euroclear and Clearstream suspended operations with it. According to the Bank of Russia, about 6 trillion rubles were frozen. On November 3, NSD filed an appeal with the EU Council to challenge the sanctions and received a response. Until January 6, 2023, the depository must send a response. In September, NSD also applied to the Belgian and Luxembourg Ministries of Finance to obtain licenses to unlock the assets of clients that are not under sanctions.
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