MOSCOW, March 20. /TASS/. The Bank of Russia has established a procedure for depositories for the repatriation of Russian securities credited to their client accounts overseas, the regulator said on its website.

This will enable the exclusion of foreign organizations from the recordkeeping chain for Russian securities and the protection of the rights and interests of investors.

"Depositories should submit applications for making transfers to the National Settlement Depository, after which securities will be credited to their nominee securities accounts opened at the central depository. They will be afforded this opportunity only once," the central bank said.

Furthermore, holders of securities that transferred them under custody agreements to be held by foreign organizations with the right of use have been able to apply to a Russian depository for the mandatory transfer of assets to the domestic infrastructure since January 1, 2023.

The Bank of Russia has set a timeframe by which this procedure may be extended. If a foreign financial institution presents well-grounded objections to a debit charge at least two days before the expiration date of the period indicated in the relevant notice, they will be granted 30 additional business days to settle the given issues.