Russia: RUB no longer accepted for custody proceeds
Following Announcement A23006, Clearstream Banking1 informs customers about additional details and information about the non-acceptance of RUB (Russian Ruble) custody proceeds in Clearstream’s Cash Correspondent Bank, Raiffeisen Bank Moscow.
The measure is limited to incoming RUB proceeds of securities held either:
- via the ICSD’s network of Common Depositories and Common Service Providers (CDs/CSPs); or
- via any Clearstream domestic providers.
Russian domestic securities held under Dep5R National Settlement Depository and bearing RU ISIN are not included in the above measure; as mentioned in Announcement A22068 any RUB proceeds under these securities will continue to be reflected and reported via Sundry Memorandum Account – Type 3C – is reported as SMA3C–[Customer Name/Customer Account Number].
Despite the extremely challenging situation of the Russian money market as mentioned in Announcement A22146, Clearstream’s CCB Raiffeisen Bank Moscow remains operational under the same conditions at the moment for the withdrawal of funds only, and customers are reminded to either transfer their remaining RUB cash balance to their own cash correspondent bank or to make appropriate foreign exchange arrangements to flatten their balance.
Clearstream Banking has applied a 10% per annum fee to RUB-denominated credit balances held overnight on customer main accounts since 1 December 2022. The fee applies in Euro using the end of month foreign exchange rate and is collected in the monthly billing cycle. The fee applies only to main account balances and does not apply 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 European Union, the United Nations, the United States or the United Kingdom.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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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.