Clearstream opens cash correspondent account with Raiffeisenbank Moscow

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LONDON, July 28 (Reuters) – European settlement firm Clearstream said on Thursday it has appointed AO Raiffeisenbank Moscow as its cash correspondent bank to help investors collect ruble proceeds on securities deposited overseas.

The sweeping sanctions imposed on Russia following its February 24 invasion of Ukraine have virtually cut the country off from the global financial system, preventing many foreign investors from receiving payments on stocks, bonds and other instruments. financial.

Clearstream said in the statement on its website that its customers receiving such payments in rubles should transfer them to their own cash correspondent accounts or make foreign exchange arrangements to withdraw them no later than one day after the date of payment. payment.

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“Given the uncertain background, this situation may change in the future,” said Clearstream, which is part of German exchange operator Deutsche Boerse (DB1Gn.DE).

Clearstream said in early July it was no longer able to receive income at its correspondent bank Rosbank in cash after the UK sanctioned Rosbank majority owner Vladimir Potanin.

Potanin’s Interros Capital reached a deal in April to buy Rosbank from French bank Societe Generale (SOGN.PA). At the time, Clearstream said transactions involving Rosbank and its subsidiaries would be closed by July 30.

AO Raiffeisenbank, a subsidiary of Austria’s Raiffeisen Bank International (RBIV.VI), did not immediately respond to a request for comment.

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Reporting by Karin Strohecker, editing by Editing by Elaine Hardcastle

Our standards: The Thomson Reuters Trust Principles.

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