A new securities depository exchange in the Persian Gulf could replace Euroclear and Clearstream, a top banker has said

An international depository settlement hub should be created in the Persian Gulf to provide an alternative to EU securities transactions companies Euroclear and Clearstream, the CEO of Russia’s second-largest bank VTB, Andrey Kostin, said on Thursday.

Belgium’s Euroclear and Luxembourg’s Clearstream are holding billions of Russia’s Central Bank assets that were frozen last year due to Western sanctions against Moscow. The bulk of the seized funds is at Euroclear, where it reportedly generated around €750 million in interest during the first quarter of the year........more below

https://www.rt.com/business/579275-russia-alternative-eu-clearing-houses/