This article was originally published in March 2023 for the TL4 Disputes Magazine (Issue 8, pp 20-21), under the title 'Securities that are impacted by sanctions against Russia: legal and practical implications for noteholders'.

Have your investments been affected by sanctions against Russia? Perhaps you are a Russian-based investor who invested in Eurobonds that were held through the National Settlement Depository ('NSD') in Russia? Or a European/UK/US investor who invested in securities issued by Russian companies that have been affected by Russian counter sanctions?

On 3 June 2022 NSD was designated as a sanctioned entity by the EU, and the European clearing systems stopped taking instructions from NSD. Since then, there has been a raft a further sanctions by the EU/UK/US as well as counter sanctions issued by Russia.

For a brief discussion of these sanctions and the legal and practical implications for Russian and European/UK/US noteholders, read the full article or contact Julia Filippova of Withers LLP or Bulat Khalilov of Nektorov, Saveliev & Partners.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.