Russian Central Bank Filing Lawsuit Against Euroclear
Russian Central Bank Filing Lawsuit Against Euroclear
"In connection with the illegal actions of the Euroclear depository causing losses to the Bank of Russia, as well as in connection with the mechanisms officially considered by the European Commission for the direct or indirect use of assets [...] without the consent of the Bank of Russia, [...] a statement of claim is filed with the Arbitration Court of the city of Moscow against the Euroclear depository to recover the losses caused," the press release said.
The regulator clarified that Euroclear's actions harmed the Central Bank due to its inability to manage assets.
The Bank of Russia has called the European Commission's plans to use the frozen funds illegal, reserves the right to defend the rights without notice and will challenge the EC's actions in the competent authorities.
The EU, Canada, the US, and Japan froze approximately $300 billion in Russian assets after the start of the special military operation. Of this total, about $5-6 billion are held in the US, while the majority are located in Europe, including around $210 billion at the Euroclear settlement platform in Belgium.
Representatives of the Russian Foreign Ministry have warned that Moscow will take immediate retaliatory steps if the West confiscates its assets.
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