Bank of Russia Files Lawsuit Against Euroclear Over Asset Freezing

The Bank of Russia has filed a lawsuit against the Belgian depository Euroclear in the Arbitration Court of Moscow. The lawsuit was prompted, according to the Russian Central Bank, by what it describes as the “illegal actions” of Euroclear, which have resulted in losses for the Russian financial regulator.

This is reported by AgroReview

Reasons for the Lawsuit and the Position of the Bank of Russia

The Central Bank’s statement indicates that the lawsuit is related to the loss of control over assets held at Euroclear and the use of these assets without the Bank of Russia’s consent. The regulator claims that the decision was made in response to the actions of the Belgian company, which, according to Russian authorities, is obstructing the management of both cash and securities belonging to the Bank of Russia.

Context of Asset Freezing and Reaction from the European Commission

It is important to note that the assets of the Bank of Russia held in European financial institutions are under the control of European authorities as part of the sanctions policy. The European Commission is examining the issue of using these assets, which belong to the Russian regulator, without its consent, which has led to the legal response from the Bank of Russia.

“The Bank of Russia is filing a claim with the Arbitration Court of Moscow against the depository Euroclear for the damages caused to the Bank of Russia,” the statement reads.

According to the position of the Bank of Russia, “the actions of the Euroclear depository have caused harm to the Bank of Russia due to the inability to manage the cash and securities belonging to the Bank of Russia.”