Euroclear Bypasses OFAC to Freeze Russian Assets
Belgian financial giant Euroclear has initiated the process of releasing assets of Russian clients, bypassing the need for a U.S. Office of Foreign Assets Control (OFAC) license. This move comes after a court in Yekaterinburg seized assets belonging to businessmen Bikov and Bobrov, marking the fourth such case without an OFAC license. Euroclear's decision follows a recent change in regulations. An OFAC license is no longer mandatory if a transaction does not involve U.S. residents or financial institutions. This new rule has led to three successful cases of unfreezing Russian assets without the license. The identities of Bikov and Bobrov, the Yekaterinburg businessmen affected, are not widely known, nor are the specific reasons behind their asset seizure. Euroclear's action signals a shift in the handling of Russian assets, potentially paving the way for more such cases. However, the lack of public information about the individuals involved and the reasons behind the seizures leaves many details unclear.
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