On the Application of Russian President’s Executive Orders and the Resolution of the Bank of Russia Board of Directors

11 March 2022
Print version

Ref. No. 643 dated 11 March 2022

Attn.: NSD's clients

Please be advised that in accordance with the Executive Orders of the President of the Russian Federation No. 79 dated 28 February 2022“On Imposing Special Economic Measures in Connection with the Hostile Actions of the United States in League with Other Foreign States and International Organizations”, No. 81 dated 1 March 2022 “On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation”, and No. 95 dated 5 March 2022 “On a Temporary Procedure for Meeting Obligations to Certain Foreign Creditors” (the “Executive Orders”), and in accordance with the Resolution of the Bank of Russia Board of Directors on the introduction of a type “C” account (the “Resolution”) and Bank of Russia Prescription No. IN-019-12/21 dated 1 March 2022 (the “Prescription”), for the purposes of making transactions referred to in the Executive Orders, the Resolution, and the Prescription, NSD:

  • processes transactions to credit securities to non-Russian clients’ securities accounts, which are referred to in the Executive Orders, the Resolution, and the Prescription. No transactions to debit securities from non-Russian clients’ securities accounts are processed (other than transactions referred to in the Executive Orders, the Resolution, and the Prescription), until NSD receives clarifications from the regulator as to how to process transactions in type “C” securities accounts;
  • processes transactions to credit or debit securities to/from securities accounts of clients controlled by foreign persons listed in the Executive Orders, the Resolution, and the Prescription, regardless of the jurisdiction of their incorporation/registration (unless they are incorporated/registered in the Russian Federation), which transactions result in a change of the owner of such securities, only provided that NSD has received relevant documents from the client which show that the relevant transaction is in compliance with the applicable restrictions and rules set out in the Executive Orders, the Resolution, and the Prescription;
  • processes transactions in bank accounts of non-Russian clients in accordance with the rules set out in the Executive Orders, the Resolution, and the Prescription. NSD may request that non-Russian clients provide any information or documents necessary to comply with the requirements of the Executive Orders, the Resolution, and the Prescription.

NSD has requested the Bank of Russia to clarify the procedure for maintenance of type “C” bank accounts and type “C” securities accounts. Following the receipt of responses from the Bank of Russia, NSD will process transactions in such accounts in accordance with the requirements of the Executive Orders, the Resolution, and the Prescription, subject to the clarifications given by the Bank of Russia.


If you have any questions related to this communication, please contact the Client Relations Unit by telephone: +7 495 956-27-90 or +7 495 956-27-91.

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