Clearstream blocked an account with Rosbank due to sanctions against Potanin

London imposed sanctionsagainst a businessman shortly after he acquired Rosbank from Societe Generale.Bank transactions in the UK must be closed by July 30

The clearing system Clearstream blocked its account with Rosbank due to British sanctions against its owner Vladimir Potanin. The Bank will no longer be able to receive income from securities issued outside of Russia and denominated in rubles.

“On June 30, 2022, the UK Financial Sanctions Enforcement Authority issued a general license <...> authorizing the winding up of transactions involving Rosbank and entities controlled by it until July 30,” Clearstream said in a statement.

Clearstream is a Luxembourg-based subsidiary of Deutsche Börse. It is one of the two main clearing systems in Europe (the other is the Belgian Euroclear).

Potanin purchased Rosbank from France's Societe Generale shortly after it decided to suspend operations in Russia. On June 29, the UK imposed sanctions against the businessman, citing the fact that he “continues to accumulate wealth by supporting the regime” of President Vladimir Putin after the start of a special operation in Ukraine, “by acquiring Rosbank and shares in Tinkoff Bank.”

"Clearstream's decision will not have a significant negative impact on the operations of Rosbank, which continues to operate as usual, providing high-quality and uninterrupted customer service," the bank said.

Britain imposed sanctions against Potanin, Rudskoy and Tsivilev Politics

On July 1, Rosbank advised its clients to refrain from payments involving British banks and payments in pounds due to restrictions in London. “They may affect our clients who or whose business is connected with the kingdom. Our ability to guarantee the execution of payments through correspondent accounts in the United Kingdom is now limited, so the work of clients through a bank with this jurisdiction may become unavailable, ”explained in Rosbank.

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In early March, it became known about the difficulties in conducting transactions with the participation of foreign counterparties, including Clearstream: international clearing suspended transactions with companies from Russia, and Russian investors could not sell foreign securities through foreign exchanges. The Ministry of Finance said that the problems could be related to the sanctions of third countries.