Israeli Banks Blocking Russian Funds Following Euroclear Sanctions
🔒 Israeli Banks and Russian Assets Israeli banks are segregating accounts of Russian citizens and tax residents. This action follows EU sanctions and guidelines from Euroclear, a Belgium-based depositary.
🌍 Global Reach Beyond the EU Initially impacting EU-based institutions, these measures now extend globally. Israeli banks join those in the UAE and Kazakhstan in implementing these segregation measures.
📅 Effective Date and Client Actions Starting November 13, Israeli financial institutions began segregating Russian accounts. Some clients have already sold assets to avoid segregation.
🤝 Dual Citizenship and Negotiations The situation is complex for clients with dual Russian-Israeli citizenship. Israeli banks are negotiating with Euroclear to determine the extent of the segregation.
💼 Israel Discount Bank Takes the Lead So far, the Israel Discount Bank is the only confirmed bank to start segregating Russian assets. Other banks are waiting for more detailed instructions and negotiation outcomes.
💡 Expert Advice for Russian Investors Financial experts suggest Russian investors should de-risk by moving away from Euroclear-linked assets to safer alternatives like Israeli or American securities.