Belgium, following Luxembourg, allowed the unblocking of Russian assets subject to EU sanctions

The Belgian Ministry of Finance issued a license to the Russian National Settlement Depository (NSD) that allows it to conduct transactions with the assets of Russian investors frozen due to EU sanctions. This is stated on the website of the department.

The license allowing the withdrawal of funds and economic resources is valid until January 7, 2023. The permit refers to the assets of NSD, which were accounted for in a foreign depository until June 3, that is, before the introduction of EU sanctions against the depository.

Previously, the Luxembourg authorities allowed NSD to unfreeze the funds of Russian investors on an account with the Clearstream international depository registered in this state. In Belgium, the headquarters of the Euroclear depository is located, as a result of the destruction of the inter-depository bridge with which most of the assets of Russian investors were blocked.

Russian assets were blocked after the EU imposed sanctions against the depository. Euroclear received income from frozen funds: in accordance with the standard procedures of the depositary, such funds were invested, which resulted in interest income. Aggregate revenues for the nine months amounted to 340 million euros, the organization calculated .

In November, Politico reported that the EU had frozen a total of 68 billion euros of Russian assets. Most of the assets are located in Belgium - about 50 billion euros. In Luxembourg - about 5.5 billion euros.