On 3 June 2022, EU sanctions were imposed on the National Settlement Depository, Russia’s biggest securities depository. Millions of Russian investors found their assets frozen as result.
On 12 June 2024, Russia’s Moscow Exchange (MOEX), National Settlement Depository (NSD) and National Clearing Centre (NCS) were also placed on the US OFAC’s list of Specially Designated Nationals and Blocked Persons (SDN list) — the list of persons targeted by the US blocking sanctions.
Our Compliance and Sanctions Law Practice assists clients in having their assets unfrozen and transferred to non-sanctioned brokers and depositories. In the new environment, licences from Belgium’s Treasury still remain essential but now licences from the US regulator are also required. BGP Litigation Compliance and Sanctions Law Practice may assist in sorting out such issues.
BGP Litigation was the first law firm in Russia be successful in having a client’s frozen assets unblocked. BGP Litigation is the current champion in terms of the number of licences obtained, with the total value of assets unblocked exceeding EUR 100 mln.