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The Belgian financial company Euroclear blocked the assets of the Russians in the amount of about $ 27 billion, said Iskander Lutsko, an analyst and chief investment strategist at ITI Capital, Prime reports.
“Euroclear blocked the assets of Russian residents for 1.8 trillion rubles, or about $27 billion (mostly shares). In turn, the volume of assets of non-residents stuck in the National Settlement Depository (NSD) exceeds $85 billion before revaluation,” the analyst noted.
According to him, the bulk of NSD’s holders are private pension funds, individuals, local banks and management companies. There are very few foreign holders there.
He added that in the current difficult geopolitical situation, individuals who have acquired international shares suffer the most. As part of the sanctions, their funds may be confiscated if such an opportunity is implemented by the European Union.
Earlier on Tuesday, the Russian Ministry of Economic Development developed a scheme to rid Russian banks of assets frozen abroad. It is assumed that banks will be able to go through a non-standard reorganization procedure – financial institutions are invited to create a new legal entity, transfer all frozen assets to it, as well as liabilities under obligations to foreign creditors.