MOSCOW: The Bank of Russia has filed a lawsuit against the Euroclear depository in the Moscow Arbitration Court for damages caused to the ...
MOSCOW: The Bank of Russia has filed a lawsuit against the Euroclear depository in the Moscow Arbitration Court for damages caused to the Bank of Russia, the regulator's press service reported.
The amount of the claim against the depository was not specified in the statement.
"In connection with the illegal actions of the Euroclear depository, which are causing damages to the Bank of Russia, as well as in connection with the mechanisms officially reviewed by the European Commission for the direct or indirect use of Bank of Russia assets without the consent of the Bank of Russia, the Bank of Russia is filing a lawsuit in the Moscow Arbitration Court against the Euroclear depository for damages caused to the Bank of Russia," the statement reads.
The regulator stressed that the actions of the Euroclear depository caused damage "due to the inability to manage cash and securities belonging to the Bank of Russia."
The majority of Russia's sovereign assets frozen in Europe (over €200 billion) are blocked on Euroclear's platform in Belgium. The depository repeatedly opposed the expropriation of the assets, warning that it could lead to Russia seizing European or Belgian assets elsewhere in the world through legal action.
Earlier Russian President Vladimir Putin stated that the global financial and economic order would be destroyed, and economic separatism would only intensify, if the West stole Russia's frozen assets. Kremlin Spokesman Dmitry Peskov noted that Moscow would definitely respond to the theft of its assets in Europe. He stressed that the Kremlin intends to organize legal proceedings against those involved in this scheme.
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