Unblocking assets at Euroclear becomes more complicated
The general licenses of OFAC No 99 and 100 (the “Licenses”), that allowed withdrawal of the blocked assets (due to the sanctions imposed on NSD, NCC or MOEX) without obtaining a special permission from OFAC, expired on October 12.
Due to non-renewal of the Licenses after October 12, it became necessary to obtain both licenses one from the Belgian Treasury and second from OFAC to unblock assets held via NSD – Euroclear.
To speed up the process of unblocking assets, you can simultaneously submit applications to the Belgian Treasury and OFAC for obtaining licenses.
