New dispute over pot frozen from Russia: “Strategy and tactics are being developed”

The Belgian Euroclear, which manages funds frozen from Russia in Europe, has sued the Russian central bank. With its challenge, Euroclear seeks to prevent the execution of the Moscow arbitration decision, on the basis of which it should pay 220 billion euros in damages to the Russian Central Bank.

According to media reports, Euroclear wants a Belgian civil court to declare that the damages award cannot be enforced because it would be in conflict with EU sanctions and Belgian policy.

“We consider that Russian courts do not have jurisdiction over Euroclear. Only Belgian courts have relevant jurisdiction for us,” Euroclear spokesperson Jorgen Muylaert comment.

The Russian central bank has said that it is aware of Euroclear’s challenge.

“The strategy and tactics of defense in court are currently being developed,” it says in its statement.

EU Today’s assessment according to which the compensation amount is exceptionally high and, moreover, significantly greater than Euroclear’s equity. This means that the dispute cannot be considered a bilateral commercial disagreement, but rather the sustainability of a systemically important part of the European market infrastructure and the legal grounds for freezing Russian assets.

The Russian central bank has said that it considers the freezing of funds to be illegal. Euroclear, on the other hand, considers that it must comply with the sanctions against Russia imposed by the EU.

A total of 330 billion euros worth of Russian funds have been frozen. Of that, just under 190 billion euros have been deposited in the European Central Bank’s zero-interest escrow account, which is managed by Euroclear.

Belgium has opposed the use of frozen funds for the benefit of Ukraine, for example, precisely because of the fear of compensation claims.

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