Russia: Impact of various Russian decrees on cash balances


Clearstream Banking1 updates clients about the impact of changes at the National Settlement Depository (NSD) related to funds held on I-type accounts and to C-type accounts.

As a reminder:

  • Presidential Decree No. 665 dated 9 September 2023, foresees that, starting from 15 December 2023, foreign investors included in the Register will receive Eurobond payments in currency, provided that the holders of Eurobonds provide documents confirming their rights. Such payments will be made out of funds on NSD’s accounts frozen with foreign depositories out of special “I”-type accounts, such accounts being used exclusively for Eurobond payments. For this purpose, NSD is expected to file an application to a foreign depository to transfer funds in foreign currencies from frozen accounts. From this point on, NSD will be deemed to have fulfilled its obligations to the Eurobond holders under Russian law regardless of whether the depository transfers funds from its side. In other words, the procedure established by Decree No. 665 allows NSD to unilaterally exchange the funds blocked in the ICSDs for the Eurobond payments due to foreign holders.
  • Decree No. 95 issued on 5 March 2022 and CBR resolution (22 December 2023) foresee the blocking of all securities held on Clearstream Banking’s FNH Account until further notice and the suspension of payments on securities issued by Russian entities to foreign legal entities and individuals. Any income cash payment proceeds from Russian domestic securities are not credited to Clearstream Banking’s account at National Settlement Depository (NSD) but rather are reflected on a type C account.
  • Decree No. 844, dated 8 November 2023 (“Decree No. 844”), permits the partial exchange of blocked assets between Russian residents and non-residents from unfriendly states. It should be noted, that currently only partial exchange is allowed – in the amount not exceeding RUB 100,000 (approx. USD 1100). Therefore, non-residents from “unfriendly” states will be able to release blocked funds held on special C-type accounts, and Russian residents will be able to sell foreign blocked securities. Russian residents holding foreign securities in CBL on accounts opened for NSD may participate in exchanging blocked assets.
  • Decree No. 198, dated 19 March 2024, regulates the procedure of payment of funds accumulated on the C-type account of a foreign nominee holder, due to Russian investors on Russian securities, which are accounted for in a foreign depositary. The scope of this Decree foresees for Russian residents and entities controlled by them to receive payments due to them on securities out of funds credited until today to the type C-type accounts of foreign nominee holders. This refers to Russian shares, corporate bonds, OFZs, depositary receipts and Eurobonds acquired before 1 March 2022, or after 1 March 2022 provided that after 1 March 2022 the persons exercising rights on the securities were not unfriendly non-residents.

Clearstream Banking is in counsel with legal advisors and relevant competent authorities in order to better understand the potential implications of the above-mentioned Russian measures and to put in place all possible protection regimes to safeguard its clients’ assets and minimise the risk of any loss and/or misuse.

This information is offered in order to inform affected clients of the evolving risk to client assets and related deposits in Russia and Clearstream Banking will not offer any support in relation to these procedures. Clients are reminded of their obligation to comply with EU and other applicable sanctions.

Further information

For further information, clients 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 clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.