MOSCOW, April 24. /TASS/. The Investment Chamber believes that the position of the Clearstream depository would not affect the blocked foreign securities redemption process at all, the spokesperson of the entity acting as the organizer for the exchange of blocked assets said in a comment.
The Luxembourg-based Clearstream depository said earlier that it would not provide support as part of the process of foreigners’ redemption of blocked securities from Russian investors.
"The redemption mechanism is arranged in a way that nonresidents would be able to redeemed blocked foreign securities from Russian private investors as a result of auctions and hence purchased securities will be transferred from account to account within the Russian depository infrastructure. Clearstream can in no way influence this process," the spokesperson said.
If a nonresident wants then to transfer these securities a foreign depository, it will require an authorization from a foreign regulator - the Luxembourg’s Ministry of Finance in this case. No further authorizations from the Russian side will be required, the Investment Chamber said.