The measures have so far reportedly targeted securities linked with EU clearing house Euroclear
Several leading Israeli banks have begun to segregate accounts belonging to Russian citizens or Russian tax residents, Forbes and RBK reported on Thursday, citing lawyers and financiers.
According to Mark Oigman, founder of international financial company SmartGen, the measures stem from EU sanctions, in particular restrictions introduced against Russians by the Belgian-based depositary Euroclear.
Last year, the clearing house blocked accounts at Russia’s National Settlement Depository (NSD), through which Russian investors had managed their assets held in foreign jurisdictions. Under guidance from Euroclear, if a Russian resident’s investment portfolio exceeded €100,000 ($108,000), any coupon income, dividends, or proceeds from the sale of assets linked to it were credited to a special segregated account. This deprived Russian clients of the possibility to manage their assets, and gave Euroclear a means to block them in the event of sanctions violations, Vadim Pogosyan, a partner at asset management firm Smartly, told Forbes.
The restrictions initially applied only to EU-based financial institutions which held Euroclear-linked assets, but the clearing house has since instructed its counterparties outside the bloc to comply with the requirements. Segregation measures targeting Russian accounts were previously introduced at the UAE’s NBD Bank and the Kazakhstan Stock Exchange (KASE). According to media sources, an order instructing Israeli financial institutions to segregate accounts belonging to Russians came into force on November 13.
“Israeli banks began verbally warning some of their clients – most likely many – about the risks of blocking last week. Many people last week sold everything they could sell to avoid segregation. According to my estimates, few securities were blocked, since a lot of work was done, and at least private banking clients, wealthy Russians, managed to sell assets subject to segregation,” Oigman told RBK.
According to Aleksey Kovalenko of Israel-based legal firm Kovalenko and Partners, Israeli banks are currently negotiating the details of asset segregations with Euroclear, as many account holders have duel Russian-Israeli citizenship, and permanently live in Israel.
“The Israeli side insists that those who have an Israeli passport are in fact Israelis and should not be subject to the restrictions that should affect Russians, even despite having a second Russian passport,” the lawyer stated.
However, experts have warned that Israeli banks are likely to continue the segregation procedures for the time being in order to comply with Euroclear rules.
According to Forbes sources, the Israel Discount Bank is so far the only bank in the country to have started segregating Russian assets. Other financial organizations are reportedly waiting for the end of negotiations with Euroclear and the finalized step-by-step action plan.
Meanwhile, financial experts have suggested that Russian investors should de-risk their holdings by selling assets linked with Euroclear, and should instead buy Israeli or American securities that are not connected to the depository.
https://www.rt.com/business/587391-israel-banks-segregation-russian-assets/
Volker Turk has warned that efforts to advance reparatory justice are facing resistance in “certain quarters,” and urged countries to back Africa’s push.
Reparatory justice for historical crimes, including colonialism, enslavement, and the trade in enslaved Africans, is crucial to dismantling systemic racism, UN High Commissioner for Human Rights Volker Turk has said.
Speaking at the UN Permanent Forum on People of African Descent on Tuesday, Turk linked present-day discrimination against people from the continent to the enduring legacy of colonialism and enslavement.
”Racism and dehumanizing rhetoric continue to permeate public institutions, communities, and online platforms,” he said, according to the UN Press Service. Turk noted that “digital technologies, including AI, are reproducing and amplifying existing biases against people of African descent.”
The remarks come weeks after the UN General Assembly adopted a resolution declaring the transatlantic slave trade “the gravest...
The US VP had to defend President Trump’s Gaza policy at a rally on a Georgia college campus.
US Vice President J.D. Vance was forced to defend Washington’s policy in Gaza after he was booed and heckled at a key MAGA event on Wednesday.
Co-founded by the late Charlie Kirk, Turning Point USA (TPUSA) is a conservative student group that has long been seen as a strong support base of President Donald Trump’s MAGA movement but is now showing apparent cracks.
Less than 15 minutes into a TPUSA event at the University of Georgia on Wednesday, Vance was interrupted by hecklers over US policy in Gaza, with one audience member shouting, “Jesus Christ does not support genocide!” As he attempted to respond, others shouted, “You’re killing children!” and “You’re bombing children!”
Vance replied by referring to Trump’s achievements as president, including securing a fragile ceasefire in Gaza, something he said the previous administration of Joe Biden failed to do.
“I ...
Sergey Shoigu has cautioned Finland and the Baltic states against allowing Kiev to use their airspace for attacks on Russia.
Russia would have the right to retaliate if Finland and the Baltic states are deliberately allowing Ukrainian drones to pass through their airspace, Security Council Secretary Sergey Shoigu said on Thursday.
“Recently, there has been an increase in Ukrainian drone strikes against Russia via Finland, Lithuania, Latvia, and Estonia,” Shoigu told journalists. “As a result, civilians are suffering and significant damage is being caused to civilian infrastructure.”
Either Western air defenses are proving ineffective, or these four countries “deliberately provide their airspace, thereby becoming open accomplices in aggression against Russia,” he added. In the latter case, Moscow has the right to self-defense in response to an “armed attack” under Article 51 of the UN Charter, the security chief stressed.
In recent weeks, Kiev has intensified drone strikes on ...
