Key facts
- Euroclear has sued the Bank of Russia in a Brussels commercial court.
- The lawsuit challenges a Moscow ruling that ordered Euroclear to pay 200 billion euros ($230 billion) in damages.
- The Russian ruling concerned Euroclear's handling of frozen Russian assets.
- Euroclear claims the Russian court lacked jurisdiction and the proceedings were unfair.
- Approximately 193 billion euros ($222 billion) of frozen Russian assets are held by Euroclear in Belgium.
Euroclear, a financial market infrastructure provider based in Belgium, has initiated legal action against the Bank of Russia in a Brussels commercial court. This move challenges a recent ruling by the Moscow Arbitration Court, which ordered Euroclear to pay 200 billion euros (approximately $230 billion) in damages. The dispute centers on Euroclear's handling of frozen Russian assets and the European Union's considerations regarding the use of these assets.
Euroclear contends that the Russian court lacked jurisdiction over the matter and described the proceedings, which were conducted in private, as unfair and fictitious. The company maintains that the dispute should be adjudicated in Belgium. A preliminary hearing for the Belgian case took place on June 25, with further proceedings anticipated.
Since Russia's full-scale invasion of Ukraine, Western nations have frozen approximately 260 billion euros ($299 billion) of Russian assets. Of this total, Euroclear holds about 193 billion euros ($222 billion) in Belgium. This legal battle could set precedents for other disputes involving frozen Russian assets and their potential use under international sanctions regimes.