Belgium Sets Conditions for License Applications to Sell Positions With Russian NSD
Belgium's treasury laid out the conditions to apply for a license for the sale of positions deposited with the Russian National Settlement Depository (NSD) and frozen in Belgian financial institution accounts, the treasury announced. The guidance comes following the Luxembourg…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Finance Ministry's decision permitting the release of the NSD's frozen funds. The treasury is requiring that license requestors have the commitment of a European operator; reporting on the positions to be sold, the due diligence of the applicants and the payment instructions of the individuals and entities benefiting from the proceeds of the sale of the positions; and ex-post reporting on the positions sold, beneficiaries of the sale and evidence that the proceeds were put in a nonsanctioned entity.