The Central Securities Depository of Kazakhstan has recommended that clients submit documents on the withdrawal of Russian securities from their nominal holdings by August 1.
Subscribe to RB.RU on Telegram
Kazakhstan Depositories recommend Russian securities holders withdraw them by August 1
According to RBC, the recommendation is related to the blocking of US sanctions against the National Settlement Depository.
The publication studied the notice of one of the Kazakh brokers; a source in the financial market confirmed the authenticity of the letter. It follows from this that the Kazakhstan depositary warns about the need to conduct transactions with the participation of NDR before the end of July.
Before this deadline, all transactions involving NDRs “that are customary and necessary for the disposal of debt or equity to non-U.S. persons not included on the U.S. sanctions blocking list must be completed,” the notice said.
The depositary will consider the possibility of executing orders on Russian financial instruments “taking into account the specifics of possible restrictions” from August 1.
According to Nikita Ershov, a lawyer in the enforcement and sanctions practice of BGP Litigation, the deadlines set by the depository in Kazakhstan are determined by the general license of the OFAC (Office of Foreign Assets Control of the US Department of the Treasury). Its departmental structure issued it after the NDR and the Moscow Exchange were included in the sanctions list.
The license expires on August 13.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
