Current status on our link with Russia

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.

Banking

We have withdrawn the acceptance of the Russian ruble (RUB) as a settlement currency (i.e. you cannot settle against RUB in the Euroclear system anymore) and disabled our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.

Collateral management

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.

Custody

Service	Status
Voluntary corporate actions	Voluntary corporate actions are no longer possible.
Mandatory corporate actions	For non-RUB payments on Russian domestic securities deposited in the National Settlement Depository (NSD), we have received confirmation that NSD will credit our cash account in the local cash clearing system (e.g. our account with TARGET2 for EUR and our account with our Cash Correspondent bank in the Fedwire system for USD), upon successful completion of their compliance controls. We will process the non-RUB payments for Russian domestic securities on your account, once we receive and reconcile the funds based on the credit confirmation that we receive in TARGET2 or from our Cash Correspondent bank. For RUB payments on Russian domestic securities, such payments are reflected in Type 'C' cash sub-account(s). Please refer to Newsletter 2022-N-033 for more details.

Service

Status

Voluntary corporate actions

Voluntary corporate actions are no longer possible.

Mandatory corporate actions

For non-RUB payments on Russian domestic securities deposited in the National Settlement Depository (NSD), we have received confirmation that NSD will credit our cash account in the local cash clearing system (e.g. our account with TARGET2 for EUR and our account with our Cash Correspondent bank in the Fedwire system for USD), upon successful completion of their compliance controls.

We will process the non-RUB payments for Russian domestic securities on your account, once we receive and reconcile the funds based on the credit confirmation that we receive in TARGET2 or from our Cash Correspondent bank.
For RUB payments on Russian domestic securities, such payments are reflected in Type 'C' cash sub-account(s). Please refer to Newsletter 2022-N-033 for more details.

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.

FundSettle

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.

Settlement

Recap of settlement options available for input

Last updated: 12 June 2023

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
	Any other currency	Against payment in RUB	X	X	X
		Against payment in any other currency	X	X	X
		Free of payment	√*	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

√* = As communicated in our Newsflash published on 12 June 2023, we are assessing each Russian domestic security against certain criteria to see if we can re-open internal free of payment settlement for the security. Please refer to our Russia - List of Russian domestic securities with suspension status webpage on the status of the ISINs for which internal free of payment settlement has been re-opened (To view this information use your MyEuroclear login).

X = settlement not possible until further notice

Note on Depository Receipts

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.

Note on specific securities

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

List of impacted securities

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.

Publications

Newsflash - Russia - New Russian Presidential Decree 844 (Published 24 November 2023) - To view this information use your MyEuroclear login)
Newsflash - Compliance with Sanctions in the custody chain (Published 23 November 2023) - To view this information use your MyEuroclear login)
Newsﬂash - U.S. OFAC Sanctions against Russia - Updated securities list - 22 November 2023 (Published 22 November 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - Settlement of foreign corporate Eurobonds subject to Russian Decree 430 and Federal Law 292 - Additional measures to safeguard integrity of securities - List of securities updated (Published 21 November 2023) - To view this information use your MyEuroclear login)
Newsﬂash - U.S. OFAC Sanctions against Russia - Updated securities list - 3 November 2023 (Published 3 November 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - Russian Federal Law No 452-FZ - New procedure for the conversion of Depository Receipts (Published 27 October 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - Russian Presidential Decree No. 665 - New procedures for the payment of proceeds (Published 26 October 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - New Russian Presidential Decree No. 665 (Published 18 September 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - Settlement of foreign corporate Eurobonds subject to Russian Decree 430 and Federal Law 292 - Additional measures to safeguard integrity of securities - List of securities updated (Published 5 September 2023) - To view this information use your MyEuroclear login)
Newsflash - Russia - Conversion of Russian sovereign Eurobonds subject to Federal Law 416 (Published 31 August 2023) - To view this information use your MyEuroclear login
Newsletter - U.S. OFAC Sanctions against Russia - General License 67 (Published 16 August 2023)
Newsflash - Russia - Important - Pro-rata debit of your Type ‘C’ RUB sub-account and credit of your USD sub-account - Update - Confirmation of new implementation date (Published 27 July 2023) - To view this information use your MyEuroclear login
Newsletter - Russia - Settlement of foreign corporate Eurobonds subject to Russian Decree 430 and Federal Law 292 - Additional measures to safeguard integrity of securities (Published 17 July 2023)
Newsflash - Russia - Important – Pro-rata debit of your Type ‘C’ RUB cash sub-account and credit of your USD cash sub-account - Update - Postponement of implementation date (Published 14 July 2023)
Newsflash - Russia - Important – Pro-rata debit of your Type ‘C’ RUB cash sub-account and credit of your USD cash sub-account (Published 7 July 2023) - To view this information use your MyEuroclear login
Newsflash - Cancellation of Depository Receipts with Russian underlying securities - Fee waiver - Update (Published 27 June 2023) - To view this information use your MyEuroclear login
Newsﬂash - Russia - Central Bank Resolutions: New procedures for the payment of proceeds - Update (Published 14 June 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 - Suspension of internal settlement - Update (Published 12 June 2023) - To view this information use your MyEuroclear login
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.

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Account Management

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