(MENAFN) A group of Russian investors has successfully managed to release funds that were previously frozen within the European Union, in compliance with sanctions imposed on Moscow due to the Ukraine conflict. The report, as detailed by the business publication Kommersant on Monday, attributes this development to the attorney association Delcredere.
Remarkably, the Belgian Treasury has granted permission for the release of these assets, which were held in the EU's largest depository, Euroclear. This move is seen as a significant precedent, representing the first instance of such a license being granted based on a collective application, according to the report.
The claim for the release of these frozen assets was originally submitted in early January of this year, with a prominent Russian management company acting on behalf of a substantial group of over 250 investors. This group comprises both individuals and entities; however, the specific name of the company representing them has not been disclosed.
In summary, this development signifies a noteworthy legal success for Russian investors who had seen their assets locked in the EU due to Ukraine-related sanctions on Moscow. The granting of permission by the Belgian Treasury based on a collective application sets a notable precedent in the context of international sanctions and frozen assets.
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