Daily Management Review

Forbes: Russian stock market holds blocked €3bn of European investors


As a result of sanctions last year, €3 billion worth of assets of European securities depositories Euroclear and Clearstream were blocked in Russia's National Settlement Depository, writes Forbes.

Tero Vesalainen
Tero Vesalainen
According to Forbes calculations based on reports from Euroclear and Clearstream, the amount of European securities depositories frozen in the accounts of the Russian depository NSD may be close to €3 billion. Euroclear and Clearstream put the limitation on the NSD in order to comply with European sanctions following Russia's invasion in Ukraine.

According to the Euroclear report from last year, the NSD had the equivalent of €30.5 million in roubles before sanctions were placed on it. The Clearstream depository, situated in Luxembourg, has a far smaller amount of assets in Russia. According to the consolidated accounts of the Deutsche Börse Group for the year 2022 (the depository is a part of the German exchange), there were €134 million in accounts at the NSD last year, but this money was completely written off. However, it stated that "the group incurred no losses as the customer liabilities relating to this item have been adjusted... in accordance with Clearstream's terms and conditions." 

Therefore, it's possible that the European depositories in Russia had a total of $3 billion. Neither depositories would comment on these numbers.

source: forbes.com