Russia-related measures - Update


Note: This announcement, originally published on 28 February 2022, and updated on 4 March and 25 April 2022 has been further updated to clarify the measures that apply . Changes have been highlighted.   

Clearstream Banking1 announces the following Russia-related measures

Settlement in Russian Domestic Securities (Depository Code 5R)

With immediate effect, internal, Bridge and domestic settlement in all securities held on Clearstream Banking’s Depository 5R is closed until further notice. For the avoidance of doubt, this includes USD against payment domestic settlement. Further information will be communicated in due course.

Settlement in RUB

With immediate effect, the Russian Ruble (RUB) is no longer an eligible settlement currency. Domestic, Bridge and internal against payment settlement in RUB is no longer possible. Current pending instructions will not be settled and penalty fees will not be applied.

Corporate action and income proceeds denominated in RUB will continue to be collected to the extent that applicable sanctions permit and to the extent that proceeds are paid to Clearstream Banking’s depository or CCB accounts.

Customers should not seek to credit Clearstream Banking with RUB amounts. With immediate effect, pre-advices in RUB will be rejected.

Clearstream Banking has been restricted by the Russian regulators to transfer RUB from its cash correspondent account at NSD and is waiting for further clarifications to resume the process.

Foreign Exchange Service in RUB

Clearstream Banking will offer no foreign exchange services in RUB until further notice.

Russian resident customers

Consistent with the European Council Decision (CFSP) 2022/327 of 25 February 2022 amending Decision 2014/512/CFSP, Clearstream Banking is no longer permitted to hold cash deposits for customers in excess of EUR 100,000 or equivalent in other currencies. Customer pre-advices and payments will be rejected. Existing cash balances in excess of EUR 100,000 have been blocked. Customers wishing to disburse such balances should contact their Relationship Officer.

Russian-related securities

Consistent with the European Council Decision (CFSP) 2022/327 of 25 February 2022 amending Decision 2014/512/CFSP, Clearstream Banking informs customers to refer to Announcement A22052 listing some securities that are no longer eligible for settlement. This is not a comprehensive list of security codes that may be subject to sanctions-related restrictions in the future.

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.