Otkritie broker complained to the US Treasury about Credit Suisse

Otkritie Investments appealed to the sanctions division of the US Treasuryand to the Swiss regulator.The complaint is related to the refusal of Credit Suisse to execute instructions to transfer client assets to NSD

Otkritie Investments has filed a complaint with the sanctions department of the US Treasury against the Swiss bank Credit Suisse. it concerns the transfer of securities, Yury Maslov, general DIRECTOR of Otkritie Investments, said at a meeting with investors, RBC correspondent reports.

After the imposition of sanctions against large Russian state-owned banks due to the start of a special operation in Ukraine, the US Treasury issued General License No. 11 (.pdf), which was prepared by its Sanctions Office for Foreign Assets Control (OFAC). She allowed to carry out operations with these banks, necessary to terminate the relationship.

"Credit Suisse, obviously, violated the terms of the 11th license and did not fulfill our instructions, which were submitted on time, to transfer part of the assets - mostly European paper - to NSD," Maslov notes. In his opinion, the Swiss bank deliberately delayed the execution of orders, fearing secondary sanctions, and avoided interaction with the Russian broker.

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In response to Credit Suisse's actions, Otkritie Investments filed several appeals with OFAC. The first appeal concerned the need to renew the license, the second - directly to the actions of the Swiss bank. “We hired lawyers, they wrote us an appeal to OFAC, and it was filed a couple of weeks ago. And about a month and a half ago, we filed an appeal with the Swiss regulator, because Credit Suisse is primarily subordinate to the Swiss regulator. They looked at it for a month and returned it to us with the words “Go to OFAC and see what they say.” The level of fear of secondary sanctions is such that the Swiss regulator cannot make a decision without receiving an OFAC decision,” Maslov said.

On February 24, Otkritie Bank and the companies included in its circuit, along with a number of other Russian banks, fell under blocking US sanctions , and restrictions were also introduced by the European Union and CANADA. As a result, clients of Otkrytie Investments (a bank broker) lost the opportunity to conduct transactions with foreign securities.

The Ministry of Finance linked the lifting of the ban on the withdrawal of investments with the unfreezing of the assets of the Central Bank

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To avoid blocking clients' foreign assets, Otkritie Investments decided to transfer portfolios to Investment Chamber, a Voronezh-based company. As Maslov explained at a meeting with clients, Otkritie Investments helps the Investment Chamber to set up customer service and solve customer problems, but the company is not included in the Otkritie circuit.