A Russian company won a case in Luxembourg regarding frozen assets.
The Court of Administrative Affairs declared illegal the decision of the Ministry of Finance, which did not allow the securities to be returned to the company and its customers. The decision was made on October 30. The name of the company was not provided.
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The assets were blocked after the introduction of EU sanctions against the National Settlement Pool in June 2022. In December, the company requested permission to return them, but was denied.
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The Ministry of Finance believed that the rules of the sanctions allow cash payments within the framework of contracts concluded before the introduction of the restrictions, but not the return of securities. The court found this interpretation erroneous: this exception also applies to the transfer of securities to the owner.
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At the time of the Ministry of Finance's decision, neither the company nor its clients had EU sanctions. At the same time, the fees that NSD can receive for transferring assets should remain frozen.
⠀ The court canceled the decision of the Ministry of Finance, but did not give permission to cancel the blockade. The decision only applies to this company and its customers.
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We previously wrote that France and Luxembourg requested the removal of EU sanctions against Alisher Osmanov and Mikhail Friedman, while threatening to block the extension of other restrictions against Russia.