Belgium refused to unlock assets for T-Bank and BCS World of Investments

BCS World of Investments and T-Bank had until now not made public the results of the examination of their applications by the Belgian Treasury. The department’s responses were posted on the Telegram channel “Help Unlock Assets | NSD, Euroclear”. A lawyer working on applications from Russian clients confirmed the authenticity of the documents in the publication.

Broker BCS World of Investments submitted a request to unlock its clients’ assets by the end of 2022, but its request was denied. As a representative of the broker told RBC, the company has already appealed the refusal and is waiting for a response. In addition, the broker, with the help of foreign consultants, is looking for ways to return clients’ assets.

T-Bank also received a refusal from the Belgian Treasury. After this, the bank asked the Belgian authorities to clarify whether the decision applies to clients’ assets, the publication notes.

• In June 2022, the European Union imposed sanctions against the National Settlement Depository (NSD), after which Euroclear and Clearstream in Luxembourg froze NSD accounts, blocking Russian investors’ securities worth 5.7 trillion rubles. To unlock them, you need a license from the Belgian Treasury or the Luxembourg Ministry of Finance.
• At the same time, investors can unlock their assets if they receive licenses from the Belgian Treasury (which manages Euroclear) or the Luxembourg Ministry of Finance (which controls Clearstream). These applications were submitted by Russian legal entities: banks, brokers, management and insurance companies, as well as private investors. However, as RBC sanctions lawyers reported, of hundreds of applications submitted, only dozens received approval. The situation became complicated after the United States introduced blocking sanctions against the Moscow Stock Exchange, the NSD and the National Clearing Center (NCC). Now, in addition to European licenses, permission from the US Treasury Department’s Sanctions Office (OFAC) may also be required.