Russian Central Bank Seeks Massive Damages from Euroclear

(MENAFN) The Russian Central Bank has initiated legal action seeking 18.2 trillion rubles, roughly equivalent to $229.7 billion, in damages from Euroclear, a Belgium-based firm specializing in securities clearing and settlement. This move was disclosed in an announcement issued by the Moscow Arbitration Court.

According to court records, the monetary authority submitted the claim on Dec. 12, formally accusing Euroclear of liability connected to the blockage of Russian funds. The clearing house currently safeguards approximately €185 billion ($217 billion) in Russian state reserves that were frozen as a result of European Union sanctions enacted after the start of the Ukraine conflict in February 2022.

In a separate but related development on Friday, European Union member countries agreed to keep immobilized Russian holdings—valued at around €210 billion—frozen for an indefinite period.

EU foreign policy chief Kaja Kallas stated that the €210 billion will stay within EU jurisdiction unless Russia provides compensation for the destruction and losses caused in Ukraine during the continuing war, which is approaching its fourth year.

On the same day, the Russian Central Bank asserted that both the direct and indirect utilization of its frozen assets by the EU contravenes international law, adding that it intends to pursue all necessary legal remedies in response.

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