NSD will not charge commissions until end of year for tax support services for U.S. securities

MOSCOW. June 26 (Interfax) - Russia's National Settlement Depository (NSD) has extended until December 31, 2023, the marketing period during which no commissions or fees are charged for tax support services for U.S. securities, the NSD said in a statement.

The extension applies particularly to services for processing tax disclosures when paying yields on U.S. securities for fiduciary or trust accounts, as well as when accepting and recognizing a respective individual's form of identification when paying yields on U.S. securities.

Moreover, the marketing period has been extended until December 31, during which no commissions or fees are charged for services for the refund of excess withholding tax following the end of the period for standard tax procedures for the payment of yields on U.S. securities.

The NSD halted charging commissions and fees for these services last year. The NSD does not receive any economic benefits from servicing certain transactions upon the introduction of the marketing period with zero payments, and the transactions are permissible under the European Union's current sanctions regime imposed against the depository on June 3, 2022.