New Ukraine / Russia related sanctions designations

Report date

Circular No.

LCH Circular No 3942


9th April 2018


All LCH Limited Clearing Members


1. On 6 April 2018 the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued new designations against Russian individuals and entities.  Further information in relation to these sanctions can be found at this link. Under the provisions of General License no. 13 (see link), US persons have until 12:01am 7 May 2018 (EST) to divest or transfer their holdings in the relevant securities to non-US persons.

Clearing Members are reminded that they must conduct their own due diligence and take appropriate measures to ensure that they comply with any applicable current or future sanctions and that they are not using the Clearing House’s systems to perform transactions that would facilitate direct or indirect transactions by US persons in breach of these sanctions.

2. En+ Group plc (“EN+”) and United Company Rusal plc (“Rusal”) were designated as entities subject to the sanctions.   Each of LCH Limited and LCH SA may offer clearing in the affected securities of EN+ and Rusal and as such LCH Limited and/or LCH SA may respond with respect to such ISINs in the event that affected trading venues take action.

3. The Clearing House will continue to monitor the situation and is in communication with UK and French authorities.