Euroclear, the Belgium-based financial institution holding the majority of Russia's frozen assets within the European Union, has filed a lawsuit against the Central Bank of Russia in the Brussels Commercial Court.
According to the Operative Information Center-OMM, citing international media reports, the legal action aims to block the enforcement of a ruling by a Moscow court that ordered the company to pay 220 billion euros.
The first hearing regarding the lawsuit filed in the Brussels Commercial Court has already taken place. Euroclear is seeking to prevent the execution of the Russian court's decision, arguing that the Moscow court lacks jurisdiction over the matter. The company maintains that, as its headquarters are located in Brussels, legal authority over such disputes rests solely with Belgian courts.
Following the outbreak of the Russia-Ukraine war, the EU and G7 nations froze approximately half of Russia's foreign currency reserves. A significant portion of these frozen assets is held in Euroclear accounts, which currently contain over 200 billion euros in Russian assets.
On May 15, the Moscow Arbitration Court ruled in favor of the Central Bank of Russia, ordering the seizure of approximately 220 billion euros from Euroclear. This ongoing legal dispute highlights the complex international financial ramifications of sanctions imposed on Russia, with Euroclear serving as a central entity in the management of these frozen sovereign assets.
