Maxim Avrashkov commented for Delovoy Peterburg on Maxima Legal’s experience in unblocking assets in Euroclear and shared his vision for the development of this practice

In February 2022, three months before the EU imposed sanctions on the Russian national depository (NSD), the Belgian depository Euroclear suspended any transactions with NSD, which resulted in the “freezing” of Russian investors’ securities and funds. However, cases of both unblocking of assets by obtaining individual licences from the Belgian Treasury and reimbursement of losses by Russian courts at the expense of Euroclear’s assets in the Russian Federation have started to emerge.

Reviewing the positive experience, Delovoy Peterburg  newspaper drew attention to one of the most recent unblocking licences obtained by Maxima Legal’s team and asked to share the sector of success and a vision of the prospects for the asset fight.

“We have recruited a pool of clients, and everyone’s situation is unique. We compared different combinations and eventually worked out almost win-win combinations. We hope unlocks will become a trend. Licences will remain the most promising option. They have already proved their effectiveness. The more decisions – both negative and positive – the more material for analysis and the more “apt” our applications will be. As for the trend towards disputes with Euroclear in the Russian Federation, only the pioneers can benefit. It is obvious that the assets of the European depository in Russia are finite and will not cover the damages of all investors who want to sue,” Maxim Avrashkov, managing partner at Maxima Legal, told the newspaper.

To read the full article (in Russian), please, see Delovoy Peterburg newspaper`s website >>>