The EU has upheld sanctions against the National Settlement Depository (NSD)
The sanctions were imposed on NSD in 2022.
The EU court denied the sanctions lifting because the NSD failed to prove that:
- NSD does not have importance to the Russian financial sector and is not connected with Russia;
- The measures imposed have an excessive negative impact on NSD’s operations;
- The rights of NSD’s clients are violated (the court decided that the NSD’s clients have a right to obtain a license, so their rights are not violated).
The NSD can appeal the EU court’s decision.
We will monitor the progress of the case.
