As the situation with our link to the Russian market evolves quickly, we are informing clients of the latest developments by Newsletter and Newsflash. Below, we summarise what we have communicated to date.
Current status on our link with Russia
We have withdrawn the acceptance of the Russian ruble (RUB) as a settlement currency (i.e. you cannot settle against RUB in the Euroclear system anymore) and disabled our account with ING Bank, our Cash Correspondent in Moscow pursuant to Section 5.4.2.1 of the Operating Procedures of the Euroclear System. To view this document use your MyEuroclear login.
Therefore, clients are no longer allowed to transfer any RUB to ING Bank, our Cash Correspondent in Moscow (in favour of your Euroclear Bank account).
Update 3 February 2023 - As announced in our Newsletter 2023-N-005, in accordance with Section 5.4.1.1(c) of the Operating Procedures of the Euroclear System, we have now decided to fully withdraw RUB as a settlement currency. Consequently, pursuant to Section 3.7.2 of the Operating Procedures of the Euroclear System, we have closed our account with ING Bank, our Cash Correspondent in Moscow, effective immediately.
Therefore, Euroclear Bank is not accepting:
- money transfer instructions in RUB
- any incoming RUB payments, including income and redemption events, on our closed account with ING Bank, our Cash Correspondent in Moscow.
Moreover, we are not accepting that any RUB payment that should have been credited on our closed account with ING Bank in Moscow be made on any other RUB account opened in our name with such Cash Correspondent or any other Cash Correspondent in Russia. We do not accept any liability if this occurs as we do not deem such payments to have been received by us.
In accordance with Section 16(a) of the Terms and Conditions governing use of Euroclear, any remaining RUB balances that can be converted in another currency which are credited to your Cash Account will be converted into EUR, at the rate of exchange obtained from a source we consider reliable (WMR Reuters fixing of 10 AM London time) on 8 February 2023.
All securities issued by entities incorporated in the Russian Federation have been excluded from all Triparty transactions. For more details, please refer to our Newsflash published on 24 February 2022 by using your MyEuroclear login details.
| Service | Status |
|---|---|
| Voluntary corporate actions | Voluntary corporate actions are no longer possible. |
| Mandatory corporate actions |
|
Last updated: 24 March 2022
Note: conversions on Depository Receipts with underlying Russian securities are no longer possible. Please refer to Newsletter 2022-N-020 for more details and the list of impacted securities.
Update 9 June 2022 - given the current market conditions, effective immediately, we will suspend the proactive initiation of claims for delayed interest on late cash distributions in RUB.
All pending proactive claims proactively initiated by Euroclear Bank on behalf of its Participants, which have not yet been honoured, will be cancelled.
If you would like to introduce a claim for delayed interest, you may still do so by contacting our Income Client Service Team, provided that the claimed compensation exceeds the RUB equivalent of 200 EUR.
Update 22 August 2022 - Dividend payments - Further to our Newsflash published on 12 August 2022, mentioning that we will support the disclosure process set out under the Central Bank resolution for the distribution of dividend payments on Russian shares in accordance with the authorisation received from our competent authority, you can now find answers to your questions in our new Disclosure process on Russian shares - FAQ webpage.
Fund management companies (FMCs) and transfer agents (TAs) are generating an increasing number of requests for information on ultimate beneficial owners (natural persons residing in Russia/Belarus or to all legal persons, entities or bodies established in Russia/Belarus).
Please refer to Newsletter 2022-FS-001 for more information.
| Security type | Denomination currency | Settlement type | Internal settlement | External settlement | Bridge settlement |
|---|---|---|---|---|---|
| Russian domestic securities | RUB | Against payment in RUB | X | X |
X |
| Against payment in any other currency | X | X |
X |
||
| Free of payment | X |
X |
X |
||
| Any other currency | Against payment in RUB | X |
X |
X |
|
| Against payment in any other currency | X |
X |
X |
||
| Free of payment | X |
X |
X |
||
| International securities (XS ISINs) | RUB | Against payment in RUB | X |
X |
X |
| Against payment in any other currency | √ |
X |
√ |
||
| Free of payment | √ |
X |
√ |
||
| Any other currency | Against payment in RUB | X |
X |
X |
|
| Against payment in any other currency | √ |
X |
√ |
||
| Free of payment | √ |
X |
√ |
√ = eligible for settlement, provided that the security and/or your counterparty is not an ISIN/entity subject to Sanctions or restrictions under Regulation (EU) 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine (‘the Regulation’), as amended by Council Regulation (EU) 2022/328 of 25 February 2022
X = settlement not possible until further notice
Last updated: 27 January 2023
We confirm that we still allow the settlement of internal, Bridge and external transactions in eligible Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) until further notice.
Reminder - if you are trading GDRs or ADRs over the Bridge with Clearstream Banking Luxembourg or with the local market, you should take into consideration all communications issued and measures taken by the respective (counterparty) custodian and depository banks.
We continue to closely monitor GDRs and ADRs for compliance with Sanctions.
We remind you that our Participants are expected to comply with all relevant regulatory and legal obligations related to Sanctions in application of, among others, Article 15 of the Terms and Conditions governing use of Euroclear. To view this information use your MyEuroclear login.
As of the end of the day on Tuesday, 24 May 2022, Bridge settlement is suspended temporarily for the four ISINs listed in the table below until further notice.
| ISIN | Security name |
|---|---|
| XS0088543193 | RUSSIAN FEDERAT/12.75BD FM W/POPT |
| XS0767473852 | RUSSIAN FEDERAT/5.625BD 20420404 G |
| XS0971721450 | RUSSIAN FEDERAT/4.875BD 20230916 G |
| XS0971721963 | RUSSIAN FEDERAT/5.875BD 20430916 G |
As of the end of the day on Friday, 5 August 2022, Bridge and external settlement is suspended for the ISIN listed in the table below until further notice.
| ISIN | Security name |
|---|---|
| US78307AAE38 | RUSSIAN FED.(144A)/12.7500 24/06/28 |
Certain securities that were previously blocked for settlement in Euroclear Bank due to Sanctions against Russia will be unblocked. You should ensure compliance with all applicable Sanctions for all new and pending instructions.
Please refer to Newsletter 2022-N-021 for more details.
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 519 - Impacted securities list - Update (Published 26 May 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 519 - Impacted securities list (Published 22 May 2023) - To view this information use your MyEuroclear login
- Newsletter 2023-N-023 - U.S. OFAC Sanctions against Russia - General Licenses 61 and 63 and other securities subject to asset freeze (Published 4 May 2023)
- Newsflash - Sanctions against Russia and Belarus - Holdings on behalf of Russian and/or Belarusian Persons (Published 3 April 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Presidential Decree No. 430 - Impact on foreign corporate Eurobonds (Published 31 March 2023) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Fee waiver - Update (Published 29 March 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank Resolutions: New procedures for the payment of proceeds - Frequently asked questions (Published 22 March 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation Decree 1 (Published 14 March 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank Resolutions: New procedures for the payment of proceeds - Update (Published 3 March 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank Resolutions: New procedures for the payment of proceeds - Update (Published 21 February 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 319 - Reconciliation status of impacted securities (Published 17 February 2023) - To view this information use your MyEuroclear login
- Newsletter 2022-N-023 - Settlement with Russian counterparties: MT 599 attestation requirement - Update (Published 9 February 2023)
- Newsletter 2023-N-005 - Russia - Further withdrawal of RUB as Settlement Currency - Update (Published 8 February 2023)
- Newsletter 2023-N-006 - Exclusion of all securities denominated in RUB from Triparty and Securities Lending & Borrowing (Published 6 February 2023)
- Newsletter 2023-N-005 - Russia - Further withdrawal of RUB as Settlement Currency (Published 3 February 2023)
- Newsflash - Russia - Changes to on-demand transfers of Russian securities from foreign custody service providers due to Federal Law No. 519-FZ - Suspension of internal settlement (Published 25 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank Resolutions: New procedures for the payment of proceeds (Published 20 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Changes to on-demand transfers of Russian securities from foreign custody service providers due to Federal Law No. 519-FZ - Update (Published 18 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Fee waiver - Update (Published 13 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 319 - Update (Published 10 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Fee waiver - Update (Published 2 January 2023) - To view this information use your MyEuroclear login
- Newsflash - Russia - Changes to on-demand transfers of Russian securities from foreign custody service providers due to Federal Law No. 519-FZ (Published 23 December 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 319 - Impact on Euroclear Bank services (Published 14 December 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - New mechanism for Depository Receipt conversions into underlying Russian shares - Update (Published 13 December 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia – Forced transfer of securities due to Federal Law No. 319 – Impacted securities list (Published 30 November 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia – Forced transfer of securities due to Federal Law No. 319 – Impacted securities list (Published 25 November 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation resolution on dividend payments - Update (Published 8 November 2022) - To view this information use your MyEuroclear login
- Newsletter 2022-N-085 - Income and redemption proceeds directly processed on your RUB Type ‘C’ cash sub-account and your segregated ‘onshore’ USD account (Published 27 October 2022)
- Newsflash - Now available: Cancellation of Depository Receipts with Russian underlying securities FAQ (Published 19 October 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Presidential Decree No. 430 - Replacement of foreign corporate Eurobonds (Published 17 October 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Forced transfer of securities due to Federal Law No. 319 - NSD deadline extended to 10 November 2022 (Published 11 October 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Extension of fee waiver - Update (Published 3 October 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Update on forced transfer of securities due to Federal Law No. 319 - Action to take before 11 October 2022 (Published 30 September 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation resolution on dividend payments - Update (Published 29 September 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Presidential Decree No. 529 (Published 22 September 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - New Law on transfer of securities (Published 20 September 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation resolution on dividend payments - Update (Published 20 September 2022) - To view this information use your MyEuroclear login
- Newsletter 2022-N-073 - U.S. OFAC Sanctions against Russia - General License 48A (Published 19 September 2022)
- Newsflash - Russia - Bridge settlement to temporarily re-open for certain Russian Federation Eurobonds to support CDS auction - Update (Published 2 September 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Bridge settlement to temporarily re-open for certain Russian Federation Eurobonds to support CDS auction (Published 1 September 2022) - To view this information use your MyEuroclear login
- Newsflash - U.S. OFAC Sanctions against Russia - General License expiry - Updated securities list - 31 August 2022 (Published 31 August 2022) - To view this information use your MyEuroclear login
- Newsletter 2022-N-069 - U.S. OFAC Sanctions against Russia - General License 43A (Published 30 August 2022)
- Newsletter 2022-N-067 - Discontinuation of tax services for certain securities issued by Russian issuers (Published 25 August 2022)
- Newsflash - Russia - New mechanism for Depository Receipt conversions into underlying Russian shares (Published 23 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Newsflash - Russia - Central Bank of the Russian Federation resolution on dividend payments - Now available: Disclosure process on Russian shares FAQ (Published 22 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Citibank and BNY Mellon as DR agents - Update (Published 17 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation resolution on dividend payments - Update (Published 12 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Extension of fee waiver - Update (Published 11 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Citibank as DR agent - Update (Published 10 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Deutsche Bank as DR agent - Update (Published 9 August 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Update (Published 27 July 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Central Bank of the Russian Federation Resolution on dividend payments - Update (Published 27 July 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Update (Published 14 July 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Ministry of Finance clarification of Euroclear Bank's status with NSD as depositary (Issuer CSD) in Russia (Published 8 July 2022) - To view this information use your MyEuroclear login
- Newsletter 2022-N-059 - Russia - New RBK cash sub-accounts (Published 7 July 2022)
- Newsflash - Russia - Central Bank of the Russian Federation Resolution on dividend payments (Published 5 July 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - New Presidential Decree No. 394 (Published 28 June 2022) - To view this information use your MyEuroclear login
- Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Update (Published 14 June 2022) - To view this information use your MyEuroclear login
- Newsflash - Russia - Settlement instructions with NSD as a counterparty in Euroclear Bank - Update (Published 9 June 2022) - To view this information use your MyEuroclear login.
- Newsflash - Sanctions against Russia and Belarus - Holdings on behalf of Russian and/or Belarusian Persons (Published 3 June 2022) - To view this information use your MyEuroclear login.
- Newsflash - Cancellation of Sberbank Depository Receipts (Published 1 June 2022) - To view this information use your MyEuroclear login.
- Newsletter 2022-FS-001 - Sanctions against Russia and Belarus - Important information for FundSettle clients (Published 13 May 2022)
- Newsletter 2022-N-036 - Amendment to Terms and Conditions governing use of Euroclear (Published 28 April 2022)
- Newsflash - New Russian Federal Law n°114 - Impact on Depositary Receipts with Russian underlying securities (Published 27 April 2022) - To view this information use your MyEuroclear login.
- Newsletter 2022-N-033 - RUB cash payments on Russian domestic securities (Published 25 April 2022)
- Newsletter 2022-N-032 - Depository Receipts with underlying Russian securities - Opening of books for DR programs sponsored by Deutsche Bank (Published 22 April 2022)
- Newsletter 2022-N-030 - Depository Receipts with underlying Russian securities - Opening of books for DR programs sponsored by Citibank, N.A. (Published 7 April 2022)
- Newsletter 2022-N-029 - Depository Receipts with Russian underlying securities - Opening of books for DR programs sponsored by J.P. Morgan (Published 6 April 2022)
- Newsletter 2022-N-023 - Settlement with Russian counterparties: MT 599 attestation requirement - Update (Published 30 March 2022)
- Newsletter 2022-N-028 - Depository Receipts with Russian underlying securities - Conditional opening of books for DR programs sponsored by BNY Mellon (Published 30 March 2022)
- Newsflash - RUB cash payments on Russian domestic securities deposited with the National Settlement Depository (Published 30 March 2022) - To view this information use your MyEuroclear login.
- Newsflash - Russia - Mandatory corporate actions on Russian domestic securities deposited in the National Settlement Depository (Published 24 March 2022) - To view this information use your MyEuroclear login.
- Newsflash - Russia - Settlement instructions with NSD as a counterparty in Euroclear Bank - To view this information use your MyEuroclear login.
- Newsletter 2022-N-021: Securities subject to Sanctions against Russia - Updated (Published 18 March 2022)
- Newsflash - Russia - Presidential Decrees No. 81 and No. 95 - Update (Published 16 March 2022) - To view this information use your MyEuroclear login.
- Newsflash - Russia - Presidential Decrees No. 81 and No. 95 (Published 9 March 2022) - To view this information use your MyEuroclear login.
- Newsletter 2022-N-023 - Settlement with Russian counterparties: MT 599 attestation requirement (Published 8 March 2022)
- Newsletter 2022-N-022: Russia - Settlement update (Published 4 March 2022)
- Newsflash - Depository Receipts with Russian underlying securities (Published 3 March) - To view this information use your MyEuroclear login.
- Newsletter 2022-N-021: Securities subject to Sanctions against Russia (Published 2 March 2022)
- Newsletter 2022-N-020: Depository Receipts with Russian underlying securities: Exchanges no longer possible (Published 1 March 2022)
- Newsletter 2022-N-019: Central bank measures: Impact on our link with the Russian market (Published 28 February 2022 and updated 2 March 2022)
- Newsletter 2022-N-018: Update on our link with Russia (Published 28 February 2022)
- Newsletter 2022-N-16: Impact of UK and US Sanctions on our link with Russia (Published 25 February 2022)
- Newsflash - Collateral Management - Exclusion of all securities issued by entities incorporated in the Russian Federation from all Triparty transactions with immediate effect. To view this information use your MyEuroclear login.
