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.

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.

National Settlement Depository (NSD) in the Crosshairs

Unconfirmed rumors swirl, pointing to none other than the Russian finance house National Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term Depository (NSD), the financial linchpin owned by Moscow Exchange (MOEX.MM), the major shareholder of which is the Central Bank of the Russian Federation. 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 Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term to date.

Financial Warfare: EU Sanctions and a Rejected Withdrawal

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.

As a result of all this, German prosecutors are now filing for "independent confiscation proceedings."

Geopolitics at Play?

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."

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

— Marco Buschmann (@MarcoBuschmann) December 20, 2023

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?