Luxembourg Court Overturns Refusal to Release Russian Firm's Frozen Securities
7 Articles
7 Articles
Luxembourg court overturns refusal to release Russian firm's frozen securities
Credit: bne IntelliNewsA Luxembourg court has ruled that the finance ministry wrongly refused to release frozen securities belonging to an unsanctioned Russian company and its clients, in a judgment dated October 30.
The Luxembourg Administrative Court declared illegal the refusal of the Ministry of Finance to release the assets of the Russian company and its customers frozen because of European sanctions against the National Depository of Payments (NDA), and concluded that the European Union legislation permitted the return of securities to owners not under personal sanctions handed over to RIA News. An unidentified Russian company requested that the transf…
Luxembourg annuls the refusal to return frozen Russian securities and converts a technical exemption into a precedent against EU sanctions.The entry A Luxembourg court orders release of frozen Russian assets and opens a crack in EU sanctions first appears in Moncloa.
Domestic investors have new prospects for unfreezing assets in Luxembourg, and the local administrative tribunal has, by a case-by-case decision, reversed the Ministry of Finance's refusal to unfreeze the assets of an unidentified Russian broker and his clients, which could seriously change the practices that have so far not been in favour of investors, according to lawyers interviewed by the "Vedomes".
The Luxembourg Administrative Court reversed the decision of the local Ministry of Finance, which had been denied to the Russian company and its clients the release of securities and funds frozen following the imposition of sanctions against the National Depository of Payments (NDA).
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