Moscow, Russia – The press office of the Moscow Arbitration Court revealed that the Central Bank of Russia (Bank Rossiya) has filed a lawsuit against the international depository and settlement company Euroclear. The bank is seeking damages exceeding 18 trillion Russian rubles.
The office explained to RIA Novosti that the claims in the lawsuit exceed 18 trillion rubles. This is equivalent to approximately $227.9 billion. The amount is nearly a third of Belgium’s GDP last year, which was around $664.6 billion.
Countermeasures against attempts to seize assets
The Russian Central Bank announced last week its intention to take this legal step, citing the European Union’s attempts to seize frozen Russian assets. The bank asserted that Euroclear’s actions had caused it direct harm, rendering the management of a portion of its funds and reserves impossible.
The Central Bank described the European Commission’s plans to use frozen Russian assets as “illegal.” It emphasized its full right to defend its interests and confirmed its intention to challenge the European Commission’s actions before the appropriate judicial authorities.
The Moscow arbitration court indicated that the case filed by the Central Bank against Euroclear has not yet been formally accepted for consideration. It remains in the preliminary stages.
Frozen assets and the EU position
Following the launch of the special military operation, the European Union and the G7 countries froze approximately half of Russia’s foreign currency reserves. More than €200 billion of these assets are held within the EU, the majority of which are concentrated in accounts at the Belgian Euroclear.
The European Commission is currently seeking Belgium’s approval. The aim is to use between €185 billion and €210 billion of frozen Russian assets as a “compensation loan” to Ukraine.
