Euroclear notifies Russia's NSD that OFAC license also needed to unblock U.S.-associated assets

MOSCOW. July 17 (Interfax) - After being hit by U.S. sanctions, Russia's National Settlement Depository (NSD) received a notification from Belgian depository Euroclear that in order to unblock assets with ties to the United States it would need permission from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) in addition to a license from Belgium's Finance Ministry.

"The client needs to independently determine in each specific case whether the OFAC's general permission (general license) is applicable or individual permission has to be granted to unblock assets," the NSD said on its website.

The OFAC put the Moscow Exchange, along with the National Clearing Center (NCC) and NSD, which are part of the same group, on its sanctions list on June 12. OFAC also issued a license to wind up transactions with the exchange, NSD and NCC by August 13.