Russia’s central bank seeks $230 billion in damages from Belgium’s Euroclear
Russia’s central bank has filed a lawsuit seeking 18.2 trillion roubles ($229.36 billion) in damages from Belgian central securities depository Euroclear, a Moscow court said on Monday.
Euroclear holds most of the Russian assets that were frozen by the European Union. The lawsuit is a response to EU’s plans to use the frozen assets for financial help for Ukraine.
The Moscow court is widely expected to issue a swift ruling in favour of the central bank, which can then pursue its execution in other jurisdictions.
The EU government agreed on December 12 to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine’s defense.
The central bank said on the same day that EU plans to use its assets were illegal and it reserved the right to employ all available means to protect its interests.
Belgium has opposed the use of sovereign Russian assets over concerns that the country may eventually be required to pay the money back to Moscow on its own, according to Politico.
It is noteworthy that some €185 billion in frozen Russian assets are under the stewardship of Euroclear, while another €25 billion is scattered across the EU in private bank accounts.
