BRUSSELS: The Euroclear depository has announced that, despite the ruling of the Moscow Arbitration Court, the assets of the Bank of Russia ...
BRUSSELS: The Euroclear depository has announced that, despite the ruling of the Moscow Arbitration Court, the assets of the Bank of Russia will remain frozen at Euroclear Bank.
"The Central Bank of Russia’s assets held at Euroclear Bank remain immobilized, in line with the international sanctions," the depository said in a statement.
The decision is based on the fact that the Russian Central Bank's claim against Euroclear Bank is not recognized under EU law, and Euroclear "does not recognize the court’s jurisdiction." The depository noted that it intends to appeal the ruling.
On May 15, the Moscow Arbitration Court upheld the Bank of Russia’s claim against Euroclear Bank to recover 18.2 trillion rubles ($251 bln) amid EU plans to use blocked Russian assets to finance Ukraine. This amount includes frozen funds, the value of blocked securities, and lost profits.
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