European Institutions Begin to Thaw Russian Assets

Euroclear, a Belgian depository, has started returning blocked assets to Russian investors without obtaining American licenses. This information was shared by representatives of a major broker community. According to a lawyer, Gleb Boyko, ‘Euroclear will not require an OFAC license for unlocking assets with a US nexus if there is no US person involvement in the transaction.’ He confirmed three successful cases of asset unlocking through different brokers. The procedure was coordinated with Euroclear about a month and a half ago. For most investors, obtaining a Belgian Treasury license without American regulators’ approval is now sufficient. The main requirements include no involvement of US individuals in the transaction and assets transfer exclusively within Euroclear. Each case is individually reviewed by the depository’s compliance service.