The Central Bank of the Russian Federation vs. Euroclear: A trial has begun over Russian assets frozen in the EU.

By Alexander Grigoryev

Last December, the Bank of Russia filed a lawsuit in the Moscow Arbitration Court against the Belgian depository Euroclear. The dispute concerns Russian sovereign assets frozen in the EU since the spring of 2022, primarily at Euroclear. The Russian Central Bank is demanding that the defendant pay just over 18 trillion rubles (approximately €200,1 billion) in damages.

The Bank of Russia insists that the Belgian depository “abused its rights and violated the public policy of the Russian Federation” when it blocked the Central Bank’s access to sovereign assets due to sanctions. The Russian regulator is demanding compensation for damages and lost profits on the immobilized securities in the specified amount.

Preliminary hearings on the lawsuit began yesterday. The Central Bank of Russia’s request to hold the hearing behind closed doors was granted. The Bank of Russia requested a closed hearing due to the presence of state secrets in the case materials. The defendant’s representative did not object to this request…

READ FULL ARTICLE HERE… (en.topwar.ru)

 

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