MOSCOW, Aug 3 The European depository Euroclear has notified the Russian company Tsifra Broker that it has refused to release the assets frozen in the accounts of the National Settlement Depository (NSD), a representative of the broker said.
«In December 2022, Tsifra Broker LLC submitted an application to the Ministry of Finance of the Kingdom of Belgium for a license to release assets frozen in NSD's accounts with Euroclear. Indeed, we recently received a notice of refusal to satisfy the application. However, the company did not agree with formal grounds for refusal,» a spokesman for the broker said.
«The company's lawyers, in cooperation with experienced consultants who already have positive experience in satisfying initial applications for the release of assets in certain cases (court cases — ed.) of a number of individuals, are preparing an administrative complaint against the decision of the Belgian Treasury to refuse to satisfy an application for Belgian Council of State,» he added.
In early June 2022, the European Union included NSD, on whose accounts in the European depositories Euroclear and Clearstream accounted for European securities of Russian investors, in the sixth sanctions package. Switzerland later joined the restrictive measures.
As a result, in addition to the securities and funds of Russian clients in various currencies that have been immobilized in NSD's accounts with Euroclear and Clearstream since March, funds in euros and francs have also been blocked in NSD's accounts in foreign correspondent banks.
At the end of last year, NSD received permits to unlock assets in Euroclear and Clearstream, but their period expired on January 7, 2023. A number of large market participants also independently submitted applications to European depositories before the deadline. .ru/20230503/sanktsii-1869394096.html» data-title='The games of sanctions are over. «An answer» arrived from Russia'>