A court in Moscow has upheld the multi-billion ruble compensation claim of the Russian Central Bank against the Belgian financial service provider Euroclear. The ruling requires Euroclear to pay approximately 18.2 trillion rubles, equivalent to around 215 billion euros. The proceedings were held behind closed doors and are not yet final.
Euroclear’s lawyers announced plans to appeal, deeming the proceedings unfair. The Central Bank welcomed the ruling, having filed the lawsuit in December to demand the return of over 180 billion euros of state funds that are held in blocked Euroclear accounts.
Additionally, the Central Bank is seeking nearly 20 billion euros for lost profits. Experts anticipate that Russia plans to implement countermeasures against European capital in response to EU sanctions, which were imposed following Russia’s war of aggression against Ukraine.
Another lawsuit by the Russian Central Bank against the EU Council is currently pending before the European Court of Justice in Luxembourg. A ruling is expected by the end of May and could set global precedents for handling frozen state assets.
