Russian Bank Files Massive Lawsuit Against European System Over Frozen Assets
The Central Bank of Russia has filed a massive lawsuit before the Higher Regional Court in Luxembourg against the European financial system “Euroclear.”
The bank is demanding compensation estimated at approximately 18.2 trillion rubles (equivalent to about $200 billion) as restitution for damages resulting from the illegal freezing and use of its assets.
The court previously received the lawsuit on December 15, and the Central Bank of Russia had announced on December 12 its intention to sue “Euroclear” due to its “illegal actions.”
This measure comes in response to European Commission plans aimed at freezing Central Bank of Russia funds indefinitely and using these assets for the benefit of third parties, including potential financing for Ukraine.
The claimed compensation amount consists of the value of the blocked funds of the Central Bank of Russia, the value of the blocked securities, and lost profits resulting from the denial of access to the assets.
The Central Bank indicated that the enforcement of any judicial decision in its favor would involve pursuing “Euroclear” assets in foreign jurisdictions, whether in “friendly” or “unfriendly” countries, after the court’s decision is issued and becomes final. The bank is also studying other options to protect its interests through international courts and arbitration, while seeking to enforce judgments in United Nations member states.
The European Union and G7 countries have frozen an estimated 300 billion euros of Russian assets, a significant portion of which—up to 180 billion euros—is held at “Euroclear.”
Despite the pressure, EU leaders have so far failed to agree on a full confiscation of these assets, choosing instead to allocate 90 billion euros as a loan to Ukraine over the next two years.
In his annual speech, Russian President Vladimir Putin reaffirmed that Russia will be able to defend itself legally in the event of its assets being confiscated and will seek access to independent jurisdictions. He warned that Europe would suffer grave material and moral losses and that it would “be forced at some point to return what it stole.”
Source: RT
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