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In June 2022, the European Union added NSD to its sanctions list, blocking NSD's accounts in euros, and in Euroclear and Clearstream; as a result, NSD was not able to service forex-denominated bonds issued by Russia and Russian companies. [4] Also in June 2022, the NSD suspended transactions in euros. [4]
Clearstream was founded as "Cedel" (Centrale de Livraison de Valeurs Mobilières) in September 1970 by 66 of the world's major financial institutions as a clearing organisation whose objective was to minimise risk in the settlement of cross-border securities trading, particularly in the growing Eurobond market.
Euroclear also disabled its ruble accounts with ING Bank in Russia and Russia's VTB Bank, the result of which was that its clients are no longer allowed to transfer any rubles, and the ruble bridge between Clearstream and Euroclear was closed. [20] Furthermore, Euroclear limited settling trades in Russian securities. [21] [22]
A central securities depository (CSD) is a specialized financial market infrastructure organization holding securities like shares, either in certificated or uncertificated (dematerialized) form, allowing ownership to be easily transferred through a book entry rather than by a transfer of physical certificates.
Subsequently, Euroclear and Clearstream opened accounts with the NSD, allowing international investors access to Russian bonds and equities, and giving Russian issuers access to non-Russian investors. [54] In the wake of the 2022 Russian invasion of Ukraine, NSD blocked and froze all securities held in Euroclear's account at NSD, on March 1 ...
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