The European Commission appointed two conditions, the fulfillment of which may lead to the resumption of settlements with the National Settlements Deposit (NSD). Experts warned that even if there are clear criteria for a deal, it will be difficult to reach an agreement, RBC said.
First, the depositary must not receive economic benefits from the transactions. Second, the transactions must be approved by the regulators of the countries where the foreign NSD counterparties are registered.
In addition, brokers and managing organizations will have to indicate the recipients of payments in order to avoid transfer to the address of persons subject to sanctions.
In June, the European Union included the NRM in the sixth package of sanctions against Russia. The decision was made based on the fact that, as a central depository, NSD plays an important role in the functioning of the Russian financial system and its interaction with the international financial market.
In July, EU ambassadors approved the seventh package of sanctions against Russia the day before. The press ironically calls it “the sixth and a half”, since the EU has almost no serious sanctions left.
The new package includes a partial embargo on gold, the blacklisting of 55 natural and legal persons, and an expansion of the list of dual-use goods whose importation is prohibited.
Author:
karina pardaeva
Source: RB
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