OMM Newsroom
A Russian court has rejected an appeal by Brussels-based securities depository “Euroclear” against a ruling ordering it to pay about $250 billion in damages over frozen Russian assets, Anadolu Agency reported, citing Belgian broadcaster RTBF.
The Moscow District Arbitration Court dismissed the appeal on Oct. 22, upholding an earlier judgment in favour of Russia’s central bank, according to “Euroclear”’s third-quarter financial results.
“Euroclear” had challenged the ruling, issued in May, but its initial appeal was rejected in July.
The company said it would continue defending its interests, including through legal proceedings in Belgium. It also reaffirmed its commitment to market stability, the rule of law and protecting its clients.
The dispute arose from European Union sanctions imposed after Russia’s invasion of Ukraine in February 2022. The measures froze billions of dollars in Russian central bank assets held by “Euroclear”.
Russia’s central bank sued “Euroclear”, arguing that the restrictions unlawfully prevented it from managing its international reserves.
The legal dispute unfolded as the EU discussed using frozen assets to finance Ukraine. Belgian Prime Minister Bart De Wever opposed the proposal, citing legal uncertainties and financial risks, and ultimately secured enough support to block it.
“Euroclear” faces several other lawsuits in Russia. Its financial results show that it has set aside €162 million ($181 million) in provisions for claims in Russian courts.
