Euroclear stated that Russian assets remain frozen despite a court ruling in Moscow
Euroclear, the Belgian central securities depository where a significant portion of frozen Russian assets are held, stated on May 18 that the Moscow Arbitration Court’s ruling in favor of the Central Bank of the Russian Federation has no legal effect on the company.
This is stated in a statement by Euroclear, according to FREEDOM.
The company emphasized that it does not recognize either the lawsuit itself or the jurisdiction of the Russian court, and intends to appeal the decision. The statement underscores that despite the Russian court’s decision, the Central Bank of Russia’s assets remain frozen and cannot be unfrozen.
“We are aware that the Moscow Arbitration Court has ruled in favor of the Central Bank of Russia in its lawsuit against Euroclear Bank. Euroclear strongly contests this lawsuit, which it considers unfounded. This is the latest in a series of lawsuits filed against Euroclear in Russia. Such claims are not recognized under EU law, and Euroclear does not recognize the jurisdiction of this court. Euroclear will appeal the court’s decision. The court’s decision does not affect Euroclear’s operations or financial position. The assets of the Central Bank of Russia held at Euroclear Bank remain frozen in accordance with international sanctions,” reads a statement posted on the company’s website.
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