The central bank has laid out a clear path for depositors to recover Russian securities that are listed in client accounts overseas. This guidance was communicated by the financial regulator’s press service. The purpose, as explained by the central bank, is to remove a foreign entity from the chain that records Russian securities and to safeguard investors rights.
According to the central bank, deposit institutions must submit an application to transfer assets to the National Settlement Depository, after which the securities are moved into the nominal owners warehouse accounts. This process is offered as a one-time opportunity for eligible holders.
Officials from Russias Banya noted that beginning January 1 of the current year, holders who have entrusted securities to a foreign company under a storage contract can request the Russian custodian to initiate a forced transfer of those assets to national infrastructure.
Earlier statements from the central bank indicated approval of a policy shift that, starting October 1, 2023, banks would be required to rely solely on domestic services and infrastructure when handling domestic transfers within Russia.