Russian court orders Euroclear to pay $250B in damages to Central Bank

A Russian court ordered Belgium-based depositary Euroclear to pay 18.2 trillion rubles ($250 billion) in a lawsuit filed by the Central Bank of Russia.

The Central Bank said in a press release on Friday that the final text of the decision had not yet been prepared and Euroclear had the right to appeal.

The release indicated that it was too early to assess how authorities would implement the court decision, as it had not yet entered into force.

The bank stated that the EU actions targeting Russia’s sovereign assets were unlawful, and it was continuing its appeal efforts.

Euroclear attorneys Maksim Kulkov and Sergey Savelyev told reporters in the capital Moscow that the court violated the right to a fair trial.

Following the outbreak of the Russia-Ukraine war, the EU and G7 countries froze approximately half of Russia’s foreign exchange reserves.

Euroclear accounts based in Belgium hold a significant portion of Russian assets located in the EU.