Russian lawyers intend to unlock foreign assets worth $500 million through court

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The Rybalkin, Gortsunyan, Dyakin & Partners (RGD) law firm will send a request to Euroclear and to the relevant European regulator in September to issue a license that will allow investors who have not been sanctioned to unlock their assets. According to the portal Pravo.ru, the value of securities of clients who have already applied to lawyers is about $ 500 million.

According to the calculations of the RGD specialists, this is about one twelfth of all Russian assets.

“Euroclear stopped payments long before June 3, when sanctions were introduced against the National Settlement Depository (NSD)”, Ilya Rybalkin points out.

The Bureau questions the legitimacy and legality of such actions. Euroclear is a Belgian company that was established back in 1968 to settle Eurobond transactions. To develop the legal position, the RGD engaged “leading Belgian legal consultants and GR specialists”.

The lawyers suggest entrusting the compliance procedure to an independent inspector, who will confirm the circumstances significant for Euroclear. Securities of non-sanctioned persons are proposed to be allowed to be transferred from the accounts of NSD to the accounts of an independent depository so that investors can again dispose of them.

The bureau’s lawyers have not yet coordinated their position with other representatives of Russian investors, but they are ready to do so. In addition, new customers can join the claim, which will be sent to Euroclear.

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