Russia: A 10% per annum fee will be implemented on RUB balances held on customer main accounts - Update
Note: This announcement, originally published on 17 November 2022, has been updated to add information on the 10% per annum fee. Changes have been highlighted.
Clearstream Banking1 advises customers that conditions in the Russian money market continue to be extremely challenging. As communicated in Announcement A22018, the Russian Rouble (RUB) is no longer eligible as a settlement currency. Clearstream Banking continues to offer RUB cash services to customers for the sole purpose of collecting corporate action proceeds on international securities. Accordingly, customers are required to withdraw RUB balances credited to their main accounts, by way of treasury transfer or foreign exchange order without undue delay. Clearstream Banking is currently able to execute customer withdrawal instructions at its RUB cash correspondent, Raiffeisen Bank International, Moscow and can also, subject to market conditions, purchase RUB standing to the credit of customer main accounts at spot. Customers should contact their Relationship Manager if further support is required.
Clearstream Banking will apply a 10% per annum fee to RUB-denominated credit balances held overnight on customer main accounts with effect from 1 December 2022. The fee will be applied in Euro using the end of month foreign exchange rate and collected in the monthly billing cycle. The first invoice will be generated in January 2023 covering the balances of December 2022. The fee will apply only to main account balances and will not be applied to RUB-denominated balances held on any relevant type of Sundry account.
Clearstream Banking reminds customers of the requirement to comply and to ensure compliance by any of the customer’s underlying clients, with any applicable sanctions, including but not limited to those of the EU, the United States and the United Kingdom.
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.