Russians not sanctioned are unlikely to recoup their holdings in EU

2022-12-29 03:40:16

(MENAFN) According to a statement released by the nation's central bank on Wednesday, permissions granted by the international clearing systems Euroclear and Clearstream to unblock some assets of Russia's National Settlement Depository (NSD) do not ensure that Russian investors is going to be able to get their money back.

By awarding the NSD a general license last week, the finance ministries of Belgium and Luxembourg approved the release of "certain frozen funds and economic resources" that belonged to non-sanctioned Russian investors. Due to penalties the European Union implemented on the depository earlier this year, a number of banks had their funds stopped in the NSD.

Investors should wait for communications from their brokers or custodians regarding the outcomes of the unblocking procedure, the regulator recommended, “short deadlines, vague wording in permits and the complexity of the unblocking procedure do not give confidence that Western regulators are ready to ensure the right of Russian investors to dispose of their property.”

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