DTCC has blocked Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation in response to the Russian invasion of Ukraine.
DTCC has said that no transactional activity will be allowed to be processed via any DTCC institutional trade processing service for the foreseeable future.
The post-trade company says it will continue to assess the impact of the US, UK and EU sanctions imposed on Russian entities under the directives issued by the Department of the Treasury's Office of Foreign Assets Control, Office of Financial Sanctions Implementation and the Council of European Union.
The move from DTCC follows Euroclear Bank’s announcement outlining it is no longer accepting Russian ruble (RUB) as a settlement currency on its international central securities depositories.
On 1 March, Euroclear said that it would no longer accept payment settlement instructions in Russian domestic securities.
VTB Bank, Russia’s second-largest bank after Sberbank, has already been disabled as Euroclear’s cash correspondent.
Deutsche Börse-owned Clearstream also told Asset Servicing Times that settlement in certain security codes is no longer possible on its platform.
In addition, the European Central Securities Depository Association has suspended the National Settlement Depositary, the Russian CSD, from membership of the association.
ECSDA said in a statement that it has been monitoring the situation in Ukraine and global response to these developments.
Earlier this week, International payments system SWIFT announced it had blocked some Russian banks from its platform in response to Russia’s invasion of Ukraine.
The move comes after financial sanctions imposed by the west, including blocking Russia's central bank from international operations.
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