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25 Mar, 2022 13:00

Europe blocks payment to Russian investors

A major clearing house has frozen the country’s depository account
Europe blocks payment to Russian investors

Russia’s National Settlement Depository (NSD) said on Friday that Clearstream clearing house, which processes payments for many of the country’s corporate and sovereign bonds, has blocked its account.

This means that Russian holders of European stocks and bonds cannot receive dividends on their investments through Clearstream.

According to Interfax, the clearing house had informed the NSD that it was blocking its account and was waiting for a decision from the regulatory authorities in Luxembourg.

Operations haven’t been going through since the freeze on March 24, the NSD said in a statement on its website.

Earlier, another European settlement and clearing organization, Euroclear, announced the suspension of transactions with Russian securities due to sanctions.

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