Moscow Court Rules in Favor of Central Bank Against Euroclear
A Moscow court ruled in favor of the Russian Central Bank in a lawsuit against Euroclear, seeking to recover 18.2 trillion rubles in damages for frozen assets. Euroclear plans to appeal, arguing the trial's fairness was compromised. The EU imposed sanctions on Russia, freezing significant assets after its 2022 Ukraine invasion.
In a significant development, a Moscow court has ruled in favor of the Russian Central Bank in its lawsuit against Euroclear, the Brussels-based clearing house holding the majority of Russia's frozen assets, totaling a stunning 18.2 trillion rubles.
The Central Bank initiated this legal action following substantial damages incurred due to restrictions placed on managing these Euroclear funds, amid extensive European Union sanctions imposed after the Ukraine conflict began in early 2022.
Euroclear's legal team claims that the court trial did not afford them a fair process and intends to appeal the verdict. Meanwhile, the Central Bank expressed contentment with the ruling, emphasizing the illegality of asset utilization contrary to the principles of sovereign immunity under international law.
(With inputs from agencies.)
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