Click to get an overview recent sanctions activity
Restrictions on Russian securities at Danske Bank
As of 25 March 2022 and until further notice, Danske Bank has decided that it will no longer accommodate any trade execution, settlement or safekeeping of Russian securities that are not already held in a custody account with Danske Bank or transfer any Russian securities or other financial instruments to a custody account with Danske Bank.
This restriction covers all securities issued by Russian entities and other financial instruments, including ADRs (American Depositary Receipts) and GDRs (Global Depositary Receipts) issued by or based on Russian entities. In the following, such securities and other financial instruments are collectively referred to as “Russian securities and financial instruments”.
Accordingly, customers of Danske Bank can no longer
- buy Russian securities and financial instruments to be held in their custody accounts with Danske Bank
- transfer Russian securities and financial instruments to their custody accounts with Danske Bank
- in any way increase their holdings of Russian securities and financial instruments in their custody accounts with Danske Bank
However, customers may keep any Russian securities and financial instruments already held in their custody accounts as at 25 March 2022.
The same restrictions apply to funds with investments in Russian securities and financial instruments.
If you have any questions about how this might affect your investment portfolio, you are always welcome to contact one of Danske Bank’s advisers.
Consequences of the war in Ukraine
Danske Bank is generally monitoring the conflict in Ukraine closely, especially with respect to the imposition of relevant international sanctions and their potential impact on the Nordic countries and markets. Following sanctions imposed by and actions taken by the EU, among other parties, certain Russian securities and financial instruments are currently blocked for trading and/or settlement. As described here, Danske Bank has introduced additional restrictions on Russian securities and financial instruments.
Danske Bank’s approach
Danske Bank is following the tragic situation in Ukraine closely, and our thoughts are with all those affected by the war in Ukraine.
We support our customers with advice and ongoing expertise related to our customers’ activities and finances, and we naturally comply with the sanctions imposed by the UN, the EU and the UK, as well as US sanctions. In addition, Danske Bank has taken a number of other initiatives.