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Post: Ministry of Foreign Affairs talked about work on unblocking non-sanctioned assets


The building of the Ministry of Foreign Affairs of the Russian Federation in Moscow. archive photo

Birichevsky: NSD and brokers are doing everything to unlock non-sanctioned assets

MOSCOW, March 27 – RIA Novosti. Dmitry Birichevsky, Director of the Department of Economic Cooperation, the National Swap Deposit of the Russian Federation (NSD) and brokerage firms are doing everything possible to solve the problem of unblocking the assets of non-sanctioned Russian investors in international depositories Euroclear and Clearstream, Russian Ministry of Foreign Affairs to RIA Novosti told.

Previously, Belgian (Euroclear) and Luxembourg (Clearstream) regulators extended the deadline for submission of possible documents to unblock assets from non-sanctioned Russian investors until the end of July.

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The diplomat noted that the dialogue on this issue was carried out through the Central Bank of Russia, the National Reconciliation Depot and Russian professional participants.

“As far as we know, under the ‘tenth’ EU sanctions package, the deadlines for the evaluation of documents to unlock assets in Euroclear and Clearstream have been extended until July 24, 2023. The next step is to obtain licenses from Ministries. Frankly, it’s a long process. NSD and Russian intermediary “We start from the fact that our institutions are doing everything they can to solve this problem,” he said.

In early June last year, the European Union included the National Reconciliation Repository (NSD) on its lists as part of its sixth package of sanctions, then Switzerland joined in on the restrictive measures. As a result, in addition to the securities and funds of Russian customers in various currencies that have been blocked in NSD’s accounts with Euroclear and Clearstream since March, funds in euros and francs held in accounts of NSD with foreign correspondent banks were also blocked.

At the end of last year, NSD obtained general licenses to unlock assets in Euroclear and Clearstream, expiring on January 7, 2023. A number of major market participants also independently applied to European warehouses before the deadline.

Read the full text of the interview with Dmitry Birichevsky >>

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