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On 29/11/2023, a major private investor, client of LINNIKOV & PARTNERS, has received a notice from his Russian broker on the successful completion of the transfer to Russia of a significant portfolio of securities of Russian issuers – leading energy companies of Russia.


“Since 2022, the Belgian Euroclear, Clearstream of Luxembourg and custodians from other so-called “hostile” jurisdictions have “frozen” massive assets of Russian investors held in their foreign accounts, as well as stopped making payments on Russian securities deposited abroad. The process of transferring such securities to Russia takes a lot of time and requires coordination with European depositories and regulatory authorities,” – says Sergey Kloss, Chief financial analyst at L&P, who closely followed the documentary side of the operation.


“Significant difficulties arise in communication with the brokers and depositories, since, due to complicated counterparty verification procedures and in-depth assessment of sanctions risks, each broker sets its own requirements, terms and deadlines that cannot be challenged. Moreover, Russian and foreign brokers are overloaded with clients’ requests for transfers of securities and simply don’t have sufficient time to process them. Despite all these difficulties, we managed to return Russian securities to our client. He is now able to freely dispose of his properly, collect coupon income, and be properly paid, once the bonds in his possession reach the maturity date”, – comments attorney Anton Minakov.


“Today the search for non–trivial, but completely lawful ways to solve the problems of Russian and foreign investors, as well as establishing meaningful communication with Russian and foreign banks and depositories today is one of the most important areas of work of L&P financial and banking law practitioners, which is confirmed by several significant accomplishments.  We are proud of professionalism and consistency, with which the L&P team stands up for the rights of our clients.  In this particular case, we owe our success to professionalism and persistence of Anton Minakov and Sergey Kloss, who have managed to establish systematic and sustainable communication with all the links of the securities’ custody chain in Russian abroad and to overcome multiple actual and artificial obstacles on the way to the release and transfer of our client’s assets”, – notes Alexander Linnikov, founder of L&P and Head of the Banking and Financial Law Practice.
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