Luxembourg has issued a General Authorization allowing to unblock the assets frozen earlier due to sanctions imposed against Russian National Settlement Depository

December 20, 2022, Luxembourg Ministry of Finance has authorized[1] (“General Authorization”) a release of funds held by currently sanctioned Russian National Settlement Depository (“NSD”).

Following the conflict in Ukraine, 17 billion Euros of Russian assets has been sanctioned frozen in Europe, including more than 4.2 billion Euros in Luxembourg, mostly in securities deposited by NSD through Luxemburgish clearing house Clearstream.

The General Authorization allows non-sanctioned investors (including those of Russian origin) to move their assets to another depositories from NSD and to terminate by January 7, 2023 all operations, contracts or other agreements concluded before June 3, 2022.

[1] General authorization pursuant to article 6b paragraph 5 of Council Regulation (EU) No. 269/2014 of March 17, 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, as amended can be found at: https://mfin.gouvernement.lu/dam-assets/dossiers/sanctions-financi%C3%A8res-internationales/documentation/general-authorization-ru-sanctions-269-2014-art6-para-5.pdf.