Germany Ready to Seize $790 Million in Russian Funds from NSD?

<p>In a move that could be pulled straight from a
movie, German prosecutors are allegedly gearing up to seize a jaw-dropping $790 million
from the coffers of Russian financial group, National Settlement Depository – NSD – according to reports from
Reuters.</p><p>The potential seizure is an upping of the ante
as far as the Germans are concerned. They’ve previously frozen Russian assets
in response to the war in Ukraine, but this would be the first seizure.</p><p>National Settlement Depository (NSD) in the
Crosshairs</p><p>Unconfirmed rumors swirl, pointing to none
other than the <a href="https://www.financemagnates.com/tag/nsd/" target="_blank" rel="follow">Russian finance house</a> National <a href="https://www.financemagnates.com/terms/s/settlement/">Settlement</a> Depository (NSD), the financial linchpin
owned by Moscow Exchange (MOEX.MM), the major shareholder of which is the <a href="https://www.financemagnates.com/tag/russian-central-bank/" target="_blank" rel="follow">Central Bank of the Russian Federation</a>. The
NSD, a silent powerhouse in Russia's financial arena, now faces a German
offensive, leaving financial tongues wagging. There’s been nothing but silence
from NSD and Moscow <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a> to date.</p><p>Financial Warfare: EU Sanctions and a Rejected
Withdrawal</p><p>But why the move? According to reports, it
appears that the NSD had demanded that the EU recognized that sanctions imposed
upon it were illegal and that they pay for any legal costs incurred as a result of the sanctions. Unidentified
officials from the institution—again, allegedly NSD—also sought to withdraw 720
million euros from their Frankfurt bank account. However, the move was promptly
rebuffed. </p><p>As a result of all this, German prosecutors
are now filing for "independent confiscation proceedings."</p><p>Geopolitics at Play?</p><p>German Justice Minister Marco Buschmann took center stage on social media platform X, proclaiming, "We will not allow
Russian money, with which the illegal attack on Ukraine is being financed, to
remain unchecked in German accounts."</p><blockquote><p lang="de" dir="ltr">Wir werden nicht zulassen, dass sich russische Gelder, mit denen der illegale Angriffskrieg gegen die Ukraine finanziert wird, unbehelligt auf deutschen Konten befinden. Die liberale Demokratie wehrt sich an der Seite der Angegriffenen und setzt der Gewalt das Recht entgegen.2/2</p>— Marco Buschmann (@MarcoBuschmann) <a href="https://twitter.com/MarcoBuschmann/status/1737450542123663459?ref_src=twsrc%5Etfw">December 20, 2023</a></blockquote><p>The question remains: How will Germany use its
seized fortune? Will it contribute to Ukraine's reconstruction, or is this just
a financial jab with geopolitical undertones?</p>

This article was written by Louis Parks at www.financemagnates.com.