The European Commission has set the conditions under which European depositors can open accounts with NSD to pay Russian investors. RBCReferring to the statements on the website of the highest executive body of the European Union.
The European Commission has allowed deals with NSD on the condition that the depositor does not benefit from the transactions, and these transactions also need to be approved by the regulators of the countries where the foreign counterparties of the NSD are registered.
Experts believe that even taking into account the presence of certain requirements, it will be difficult to transfer funds frozen in European warehouses to Russian accounts and make payments. To exclude remittances to persons subject to sanctions, market representatives will need to identify payment recipients.
According to sanctions regulation No. 269/2014, if an investor relying on payments is not included in the EU sanctions list, their assets must still be frozen and then held in NDR. Reverse action requires a special license from European regulators and takes time to obtain this license.
Economist Nikita Maslennikov, formerly leading expert of the Center for Political Technologies declarationHe said if the EU “falls into recession” in the winter, sanctions will be lifted from the NSD.