The presence of licenses from the Belgian and Luxembourg ministries to unfreeze the assets of Russian investors blocked in international deposits does not guarantee the very fact of unfreezing them and obtaining the right to dispose of these assets. The Bank of Russia warned about this, citing the fact that the departments gave too little time to carry out all the necessary procedures for unlocking.
The Central Bank clarified the situation with the release of the assets of Russian investors frozen in international deposits: the fact that Russia has licenses to release them does not give any guarantee, the regulator said, responding to current issues of the financial system.
The Bank of Russia clarified that the Finance Ministries of Belgium and Luxembourg, which are subordinate to the depositories of Euroclear and Clearstream, gave very little time to carry out all the necessary procedures for the unlocking. The licenses specify a period until January 7, 2023.
The regulator also noted the vagueness of the wording in the licenses issued by the departments and the cardinal differences in the very approaches to working with licenses.
The Luxembourg Ministry of Finance issued a license to release the National Liquidation Repository assets that were stuck in the Clearstream repository on December 20. The Belgian Ministry of Finance made a similar decision the next day.
The Bank of Russia estimated the volume of assets of Russian investors blocked in international deposits at 6 trillion rubles.
Author:
Kirill Bilyk
Source: RB
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