ECSDA suspends NSD from membership
03 March 2022 Russia
Image: AdobeStock/Oleksandr
The European Central 麻豆传媒 Depository Association has suspended the National Settlement Depositary (NSD), the Russian CSD, from membership of the Association.
ECSDA said in a statement that it has been monitoring the situation in Ukraine and global response to these developments.
鈥淭he Association acknowledges the strong measures taken by the European Union and its allies following the invasion of Ukraine led by the Russian and Belarus regimes,鈥� it says.
鈥淥n that basis, the ECSDA Board feels obliged to react to the situation in line with the EU and international stance on the topic.鈥�
Responding to these circumstances, ECSDA鈥檚 Board indicates that the ECSDA General Meeting on 9 March 2022 will vote to terminate the membership of its Russian member, NSD.
In advance of this vote, ECSDA has suspended the participation of NSD representatives in all working groups.
ECSDA indicates that it will be monitoring the situation closely as it evolves and hopes for 鈥渢he quickest reestablishment of peace in the region鈥�.
In a separate announcement, the European Association of CCP Clearing Houses (EACH) indicated that it has suspended National Clearing Centre (NCC) from EACH membership.
鈥淕iven the actions of Russia against Ukraine and in consistency with wider EU sanctions, EACH feels that we need to take action, both from the perspective of adherence to current and possible wider sanctions and to act in the best interests of our membership,鈥� says a statement from EACH.
鈥淭he EACH Board has therefore decided to temporarily suspend EACH Russian member CCP NCC with immediate effect in line with the EACH Articles of Association鈥�.
Yesterday, the , the US infrastructure group, declared that is blocking Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation in response to the Russian invasion of Ukraine.
European Bank and Clearstream Banking have also confirmed that they are no longer accepting RUB as a settlement currency through their ICSD businesses and have imposed .
ECSDA said in a statement that it has been monitoring the situation in Ukraine and global response to these developments.
鈥淭he Association acknowledges the strong measures taken by the European Union and its allies following the invasion of Ukraine led by the Russian and Belarus regimes,鈥� it says.
鈥淥n that basis, the ECSDA Board feels obliged to react to the situation in line with the EU and international stance on the topic.鈥�
Responding to these circumstances, ECSDA鈥檚 Board indicates that the ECSDA General Meeting on 9 March 2022 will vote to terminate the membership of its Russian member, NSD.
In advance of this vote, ECSDA has suspended the participation of NSD representatives in all working groups.
ECSDA indicates that it will be monitoring the situation closely as it evolves and hopes for 鈥渢he quickest reestablishment of peace in the region鈥�.
In a separate announcement, the European Association of CCP Clearing Houses (EACH) indicated that it has suspended National Clearing Centre (NCC) from EACH membership.
鈥淕iven the actions of Russia against Ukraine and in consistency with wider EU sanctions, EACH feels that we need to take action, both from the perspective of adherence to current and possible wider sanctions and to act in the best interests of our membership,鈥� says a statement from EACH.
鈥淭he EACH Board has therefore decided to temporarily suspend EACH Russian member CCP NCC with immediate effect in line with the EACH Articles of Association鈥�.
Yesterday, the , the US infrastructure group, declared that is blocking Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation in response to the Russian invasion of Ukraine.
European Bank and Clearstream Banking have also confirmed that they are no longer accepting RUB as a settlement currency through their ICSD businesses and have imposed .
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