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Russian Central Bank seeks compensation from Euroclear
(MENAFN) Russia’s central bank is pursuing compensation totaling 18.2 trillion rubles—roughly $230 billion—from Euroclear, the Belgium-based financial services company that handles securities clearing and settlement, according to court-related information.
Legal action was initiated on December 12, with the claim tied to Russian state reserves that have been frozen under European Union sanctions imposed after the war in Ukraine began in February 2022. Euroclear is currently holding around €185 billion ($217 billion) in Russian assets that have been rendered inaccessible as part of those measures.
More recently, EU governments agreed to keep approximately €210 billion ($226.8 billion) in Russian funds frozen indefinitely. European officials have indicated that these assets will remain under EU control unless Russia provides compensation for the damage caused in Ukraine during the conflict, which is approaching its fourth year.
On the same day the lawsuit was disclosed, Russia’s central bank stated that both the direct and indirect use of its frozen reserves by the EU violates international law. It added that it intends to pursue all available legal avenues in response, according to reports.
Legal action was initiated on December 12, with the claim tied to Russian state reserves that have been frozen under European Union sanctions imposed after the war in Ukraine began in February 2022. Euroclear is currently holding around €185 billion ($217 billion) in Russian assets that have been rendered inaccessible as part of those measures.
More recently, EU governments agreed to keep approximately €210 billion ($226.8 billion) in Russian funds frozen indefinitely. European officials have indicated that these assets will remain under EU control unless Russia provides compensation for the damage caused in Ukraine during the conflict, which is approaching its fourth year.
On the same day the lawsuit was disclosed, Russia’s central bank stated that both the direct and indirect use of its frozen reserves by the EU violates international law. It added that it intends to pursue all available legal avenues in response, according to reports.
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