Russia’s central bank prepares for legal fight to reclaim frozen assets in Europe
Summary
Russia's Central Bank plans to sue European banks, including Euroclear in Belgium, seeking compensation for the illegal freezing of its assets amounting to about 196 billion euros due to sanctions linked to the Ukraine conflict.
Key Points
- The Central Bank of Russia announced it will seek compensation from European banks for damages from frozen assets.
- The bank filed its first lawsuit against Belgian depositary Euroclear at the Moscow Arbitration Court claiming approximately 196 billion euros.
- The lawsuit alleges the illegal freezing and de facto confiscation of sovereign assets violates international law.
- The European Union Council temporarily barred transfers of Russia's central bank immobilized assets within the EU due to the Ukraine conflict.
