Russia: Application of UK sanctions on Cash Correspondent Bank PJSC Rosbank Moscow


Clearstream Banking1 informs customers that following the imposition of sanctions on Vladimir Potanin, the majority owner of Rosbank PJSC (Rosbank), by the United Kingdom on 29 June 2022, Clearstream Banking’s cash correspondent bank Rosbank is no longer available to receive income proceeds that may result from securities issued outside of Russia and denominated in RUB.

Future RUB income payments

Where paying agents or domestic depositories retain custody proceeds to ensure compliance with sanctions regulations that affect the issuer of a security, Clearstream Banking will reflect customer entitlements on a Sundry Receivable Account Type-2.

For additional information on the Sundry account type please refer to Announcement A22068.

RUB Balances at the CCB

On 30 June 2022, the Office for the Implementation of Financial Sanctions of the United Kingdom (OFSI) issued the General Licence INT/2022/1968500 authorising the winding down of transactions involving Rosbank and its subsidiaries up until 30 July 2022.

The licence will enable customers who hold a RUB balance on their Clearstream Banking main account to move the funds outside of Clearstream Banking.  For clarification the license does not allow the receipt of new RUB balances.  This is purely a measure to enable the unwinding of existing holdings or transactions.

Given the uncertain context, this situation may evolve in the future. We therefore request you to always make an appropriate determination that your instructions fall within the permitted activities and are in compliance with all applicable sanctions, including those of the EU, United Kingdom and the U.S.A.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.