On Monday 12 February, the Council of the European Union adopted a decision clarifying the obligations of EU central securities depositories holding more than €1 million in assets of the Central Bank of Russia, in response to the Russian invasion of Ukraine (see EUROPE B13339A14).
These central depositories, especially the Belgian company Euroclear, will be required to sequester these Russian assets, mainly cash, as well as the profits they have generated.
The decision will come into...