The decision of the Luxembourg depository Clearstream to refuse to support the buyback of securities by Western investors from Russian owners of assets blocked as a result of Western sanctions will not have a significant impact on the buyback process, RBC writes on April 24.
It is reported that asset owners can carry out a transaction by contacting the regulator directly. For example, by contacting ESMA, which is the regulator and supervisor of the EU financial markets.
Previously, in accordance with the Decree of the President of Russia No. 95, the assets of foreign depositories in Russia were transferred to special accounts C. This decree allowed non-residents of “hostile” states to use funds blocked by Russia to buy back foreign currency . values blocked from Russian residents in the West.
Recall that Clearstream specializes in the provision of financial services, including the settlement of securities transactions. Cooperation between an investor and a depository company is voluntary. There are other financial services companies. For example, Euroclear or SIX SIS.
Source: Rossa Primavera
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