Maxima Legal announces launch asset rescue project blocked by EuroClear

Maxim Avrashkov - Managing Partner Natalia Demina - Partner Nikita Deynega — Partner

In March 2022, the National Settlement Depository (the NSD) reported that its account operations were restricted by EuroClear; in June, the depository was officially added to the sanctions list.

The situation is exceptional and no unequivocally effective way to resolve it has been formed so far. Therefore, Maxima Legal launched several legal mechanisms, each of which may result in lifting the restrictions imposed on certain investors (or compensating them for their property losses):

  • Joining the NSD’s lawsuit filed with the EU General Court challenging the EU Council Decision No. 2022/883 of 03.06.2022 to include the NSD on the EU sanctions list


  • Filing a lawsuit against EuroClear to the Court of Justice of Brussels to recover losses caused by EuroClear’s refusal to accept transactions in the NSD’s accounts from February 2022 to June 2022 (before the date of inclusion of the NSD in the sanctions list) 


  • Filing an application with the General Court of the EU seeking recovery of losses from the EU Council in connection with the extension to non-sanctioned persons of the EU Council Decision of 03.06.2022 on the NSD’s inclusion in the sanctions list 


  • Submission of an administrative request to the Council of the EU to reconsider the Council Decision No. 2022/883 of 03.06.2022 to exclude the application of that the Decision to non-sanctioned persons whose assets are held by the NSD 


  • Making an administrative request to the competent authorities of the EU member states to issue a special licence (an exemption) on the basis of which an individual investor’s securities may be unblocked (followed by possible recourse to a court in case of refusal to issue such the licence to challenge such refusal)


In addition, as the sanctions list is being re-listed, there is the option of applying independently to the EU General Court to challenge the EU Council Decision No. 2022/883 of 03.06.2022 to add the NSD to the EU sanctions list (to the extent that this violates the rights of a particular investor not directly included in the sanctions list).