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world4h ago
Russian court considers central bank's $232B lawsuit against Euroclear over seized assets
- A Moscow court began considering a lawsuit by Russia’s central bank against Euroclear over seized assets.
- Russia seeks 18.2 trillion rubles ($232 billion) in damages for being unable to manage its Euroclear funds and securities.
- EU froze about 210 billion euros of Russian assets, with Euroclear holding roughly 193 billion euros of those funds.
- The case is being heard behind closed doors at Moscow’s Arbitration Court.
- Russia’s central bank condemned the use of frozen assets as illegal and contrary to international law.
- The European Union froze about 210 billion euros of Russian assets and used 90 billion euros to loan Ukraine.
- Euroclear holds around 193 billion euros of the seized funds.
- The central bank argues the assets violated sovereign immunity of assets.
- The EU sanctions were imposed after Russia’s invasion of Ukraine in February 2022.
- The lawsuit aims to recover damages for Moscow's inability to manage its Euroclear accounts.
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