Quick Summary
- 1On December 12, the Bank of Russia filed a lawsuit against Euroclear in the Arbitration Court of Moscow.
- 2The claim amounts to 18.17 trillion rubles, which represents the ruble equivalent of assets frozen in the European depository.
- 3The frozen assets are valued at approximately 193 billion euros.
- 4This legal action follows the freezing of Russian assets by Western nations after the start of the special military operation in Ukraine.
Quick Summary
The Bank of Russia has initiated legal proceedings against Euroclear in Moscow. The lawsuit was filed on December 12 at the Arbitration Court of Moscow.
The claim value stands at 18.17 trillion rubles. This figure represents the ruble equivalent of assets currently frozen in the European depository. The frozen assets are valued at approximately 193 billion euros.
This legal action represents a significant development in the dispute over frozen Russian sovereign assets. The case is being heard in Moscow's specialized commercial court. The outcome could impact international financial relations and asset management practices.
Lawsuit Details and Timeline
The Bank of Russia filed its lawsuit on December 12. The filing occurred at the Arbitration Court of Moscow. The defendant is Euroclear, a European depository.
The claim amount is precisely 18.17 trillion rubles. This sum corresponds to the value of assets held by Euroclear. The assets have been frozen in the European depository system.
The lawsuit represents the ruble equivalent of approximately 193 billion euros in frozen assets. This substantial sum reflects the scale of Russian assets currently inaccessible due to Western sanctions. The legal filing marks an important step in Russia's efforts to recover these funds.
Asset Freeze Background
The frozen assets belong to Russian entities. These assets are held within the Euroclear system. The freezing occurred as part of broader economic measures implemented by Western nations.
The Bank of Russia is seeking legal recourse through the Moscow court system. The lawsuit aims to address the immobilization of these funds. The 18.17 trillion ruble claim represents the financial impact of this freeze.
Euroclear serves as a major international securities depository. The company is headquartered in Belgium. It handles settlement and custody for various financial instruments.
Legal Proceedings
The Arbitration Court of Moscow will adjudicate this case. The court specializes in commercial disputes. It has jurisdiction over claims involving Russian entities and foreign companies.
The lawsuit was officially filed on December 12. The court will now proceed with standard legal procedures. This includes reviewing the claim and determining next steps.
The Bank of Russia is represented in this action. The central bank is pursuing recovery of the frozen assets. The case could set precedents for similar international financial disputes.
Financial Implications
The claim value of 18.17 trillion rubles represents a significant sum. This amount reflects the scale of frozen Russian assets. The 193 billion euro valuation underscores the magnitude of the dispute.
The Bank of Russia is seeking full recovery of these funds. The lawsuit could impact Euroclear's operations and reputation. International financial institutions are watching this case closely.
The outcome may influence future asset management practices. It could also affect how depositories handle sovereign assets during geopolitical tensions. The case represents a major test of international financial law.
Frequently Asked Questions
The lawsuit claims 18.17 trillion rubles, which is the ruble equivalent of 193 billion euros in frozen assets.
The Bank of Russia filed the lawsuit on December 12 at the Arbitration Court of Moscow.
The assets are frozen in the European depository as part of broader economic measures, though the specific reasons are not detailed in the filing.
