Frozen Russian assets in the EU: Russia's central bank sues Belgian depositary Euroclear

The Central Bank of the Russian Federation has filed a lawsuit against the Belgian depository Euroclear for “recovering damages incurred.” This refers to frozen Russian assets held in the depository. This was reported by the bank’s press service, according to UNN.

DetailsThe lawsuit will be heard in the arbitration court of the city of Moscow. The Russian central bank called the actions of the Belgian depository Euroclear harmful.

The actions of the Euroclear depository caused damage to the Bank of Russia, due to the inability to dispose of the funds and securities belonging to the Bank of Russia.

ContextEU member states at the ambassadorial level voted to begin the procedure for long-term freezing of Russian assets in the European Union. This step is the first on the way to using frozen Russian assets as a “reparation loan” to Ukraine. It is assumed that Ukraine will eventually be able to repay the loan from the funds that Russia will pay for its reconstruction.

At the same time, the Belgian government, where the Euroclear depository is located, opposes the use of Russian assets, fearing risks. However, the Belgian authorities admit that sooner or later this will have to be done.

RecallAccording to The Wall Street Journal journalist Laurence Norman, the European Union has made progress on the issue of a reparation loan for Ukraine. At the same time, changes have been agreed to preserve frozen Russian assets.