Clearstream Banking SA

12/08/2021 | Press release | Distributed by Public on 12/08/2021 02:45

Russia: New certification requirement when requesting exemption at source or quick refund for supranational organisations holding Russian securities

Russia: New certification requirement when requesting exemption at source or quick refund for supranational organisations holding Russian securities

08.12.2021

Clearstream Bankinginforms customers that effective

immediately

supranational organisation may no longer be eligible for exemption at source or quick refund, on income payments from Russian securities, by simply disclosing their name.

Following recent clarification obtained from the National Securities Depository (NSD), any request for tax exemption from withholding tax, on behalf of supranational organisations, must first be pre-approved by the Ministry of Finance (MoF) and NSD.

We are currently awaiting further clarifications, in order to determine the exact disclosure and certification requirements that will be applicable for supranational organisations.

Further information

We continue to monitor the Russian market for new developments and will provide more information as it becomes available.

For further information, customers may contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.