The Central Depository of Securities in Kazakhstan urged clients to withdraw Russian securities from the country. About this write The Moscow Times.
The organization explained that this requirement is related to the blocking sanctions of the USA in relation to the Russian National Settlement Depository. In total, the depository has about 140 names of papers with the prefix RU. These are sovereign debt obligations, corporate bonds and shares.
"The letter states that they recommend completing all settlements and depriving the Kazakhstan depository of papers with Russian ISIN codes. The Kazakhstan Depository does not want to see these papers in portfolios." — said Yuliya Khandoshko, CEO of the European broker Mind Money.
If the clients do not fulfill the order to withdraw the Russian papers by the specified date, the assets will be effectively frozen in the accounts of the Central Depository of Kazakhstan, warns Kira Vinokurov, a partner of the Pen & Paper bar association.
According to the results of the Central Depository, from March to December 1, 2022, Kazakh brokers carried out transactions with Russian securities for a total amount of 641,1 billion tenge ($1,4 billion). Also, in 2022, shares worth 50 billion tenge ($104,6 million) and other financial instruments worth almost 2 trillion tenge ($4,2 billion) were transferred to the depository.
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