Wednesday 11th September 2024
General Court Judgment in Case T-494/22 NSD v Council
(External Relations – Common Foreign and Security Policy – Restrictive Measures Ukraine)
NKO AO National Settlement Depository (NSD) is a company incorporated under Russian law as a licensed depository, providing securities archiving and custody services as well as a central depository. It also provides financial services, in particular as a non-bank credit institution licensed to provide bank settlement services.
In June 2022, NSD was included on the list of legal entities subject to the restrictive measures adopted by the European Union following Russia’s aggression against Ukraine, and its funds were frozen according to Council Decision (CFSP) 2022/883 amending Decision 2014/145/CFSP and Council Implementing Regulation (EU) 2022/878 implementing Regulation (EU) No 269/2014.
The Council’s reasons for listing NSD state, among other things, that it is the main custodian of Russian securities, has access to the international financial system, and is recognised as a systemically important financial institution playing an essential role in the functioning of the Russian financial system, hence directly or indirectly enabling the Russian government to carry out its activities and policies and to mobilise its resources.
By virtue of the maintenance acts adopted in March and September 2023 (Council Decision (CFSP) 2023/572 and Council Implementing Regulation (EU) 2023/571, the Council extended the measures taken in respect of NSD until March 15, 2024.
NSD asked the General Court of the European Union to annul the acts by which it was included on the list of persons subject to restrictive measures.
Mittwoch, 11. September 2024
Urteil des Gerichts in der Rechtssache T‑494/22 NSD / Rat
Restriktive Maßnahmen gegen Russlands zentrale Wertpapierverwahrstelle
Im Zuge der gegen Russland gerichteten restriktiven Maßnahmen fror der Rat der EU im Juni 2022 die Gelder des russischen National Settlement Depository – NSD (Nationaler Zentralverwahrer) ein. Der Rat begründete dies wie folgt:
NSD sei ein russisches Finanzinstitut des Nichtbankensektors und Russlands zentrale Wertpapierverwahrstelle. Es sei nach Marktwert der verwahrten Aktien und Schuldverschreibungen die größte Wertpapierverwahrstelle in Russland und die einzige, die Zugang zum internationalen Finanzsystem habe.
Es werde von der Regierung und der russischen Zentralbank als systemrelevantes russisches Finanzinstitut eingestuft. Das NSD spiele für das Funktionieren des russischen Finanzsystems und seine Anbindung an das internationale Finanzsystem eine wesentliche Rolle, wodurch es direkt und indirekt die Tätigkeiten, politischen Maßnahmen und Ressourcen der russischen Regierung unterstütze.
Das NSD befinde sich fast vollständig im Eigentum der Moskauer Börse, deren Aufgabe es sei, für einen umfassenden Zugang zu den russischen Finanzmärkten zu sorgen. Die Moskauer Börse wiederum werde aufgrund ihrer Rolle und ihrer Aktionäre in hohem Maße von der russischen Regierung kontrolliert. Somit unterstütze das NSD materiell oder finanziell die Regierung der Russischen Föderation, die für die Annexion der Krim und die Destabilisierung der Ukraine verantwortlich sei.
NSD hat die gegen sie gerichteten restriktiven Maßnahmen vor dem Gericht der EU angefochten, das heute sein Urteil verkündet.
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