Clearstream opens cash correspondent account with Raiffeisenbank Moscow
28/07/2022 18:00
LONDON, July 28 (Reuters) - European settlement house
Clearstream said on Thursday it had appointed AO Raiffeisenbank
Moscow as its cash correspondent bank to help investors collect
rouble proceeds on securities deposited outside the country.
Sweeping sanctions imposed on Russia in the wake of its
invasion of Ukraine on Feb. 24 have all but severed the country
from the global financial system, making it impossible for many
foreign investors to collect payments on stocks, bonds and other
financial instruments.
Clearstream said in the statement on its website https://www.clearstream.com/clearstream-en/products-and-services/asset-types/cash/a22083-3174480
that its customers receiving such rouble payments would need to
transfer them to their own cash correspondent accounts or make
foreign exchange arrangements to withdraw them no later than one
day after payment date.
"Given the uncertain context, this situation may evolve in
the future," said Clearstream, which is part of German exchange
operator Deutsche Boerse DB1Gn.DE .
Clearstream said in early July that it was no longer able to
receive income proceeds into it cash correspondent bank Rosbank
after the UK sanctioned Rosbank's majority owner Vladimir
Potanin.
Potanin's Interros Capital clinched a deal in April to buy
Rosbank from French bank Societe Generale SOGN.PA . At the
time, Clearstream said transactions involving Rosbank and its
subsidiaries would be wound down by July 30.
AO Raiffeisenbank, a subsidiary of Austria's Raiffeisen Bank
International RBIV.VI , did not immediately respond to a
request for comment.
(Reporting by Karin Strohecker, editing by Editing by Elaine
Hardcastle)
((karin.strohecker@thomsonreuters.com; +442075427262; Reuters
Messaging: karin.strohecker.reuters.com@reuters.net))