economy
Belgian Euroclear Loses Lawsuit with Russia, Ordered to Pay 200 Billion Euros
The Arbitration Court in Moscow has granted the lawsuit of the Central Bank of Russia and ordered the Belgian financial institution Euroclear Bank to pay 200 billion euros for blocked Russian assets and lost profits.
TL;DR
- Moscow's Arbitration Court ordered Euroclear Bank to pay 200 billion euros to the Central Bank of Russia.
- The payment is for blocked Russian assets and estimated lost profits resulting from sanctions.
- Euroclear claims its right to a fair trial was violated due to the closed-door proceedings.
- Euroclear intends to appeal the court's decision, which has not yet taken legal effect.
- The Central Bank of Russia expressed satisfaction with the ruling and aims to continue legal challenges against EU measures.
- The EU and G7 countries blocked over 200 billion euros of Russia's foreign exchange reserves, largely held in Euroclear accounts in Belgium, after the war in Ukraine.
- A pre-existing agreement gives the Arbitration Court in Moscow jurisdiction over disputes concerning Russian funds deposited in Belgium.