Euroclear takes frozen assets dispute against Russia to court in Brussels - EUROPE SAYS
Euroclear, a Belgium-based financial market infrastructure provider, has filed a lawsuit against the Bank of Russia in a Brussels commercial court, challenging a Moscow ruling that ordered it to pay 200. . .
Euroclear, a Belgium-based financial market infrastructure provider, has filed a lawsuit against the Bank of Russia in a Brussels commercial court, challenging a Moscow ruling that ordered it to pay 200 billion euros (approximately $230 billion) in damages, Belgian media reported. Thedisputestems from a May ruling by the Moscow Arbitration Court, which sided with theRussian central bankin a lawsuit claiming Euroclear had acted unlawfully in connection with frozen Russian assets and the European Union’s consideration of mechanisms to use those assets. Euroclear argues theRussian courthad no jurisdiction over the case and described the proceedings, which were held behind closed doors, as unfair and fictitious, maintaining that the dispute should be heard in Belgium. A preliminary hearing in the Belgian case took place on June 25, with further proceedings expected in theBrusselscourt. Since the start of Russia’s full-scale invasion of Ukraine, Western countries havefrozenaround 260 billion euros ($299 billion) in Russian assets, including roughly 193 billion euros ($222 billion) held by Euroclear in Belgium. The case could have broader implications for disputes over frozen Russian assets and their use under international sanctions. On June 18, a bipartisan group of U. S. senators introducedlegislationthat would allow frozen Russian assets under U. S. control to be used for the purchase of military equipment for Ukraine. Theproposedmove would expand existing U. S. authorities, allowing Kyiv to use seizedRussian assetsto strengthen its military capabilities as Russia’s full-scale war continues.