Russian Court Rejects Euroclear Appeal

A Moscow court has rejected an appeal by Belgian financial services company Euroclear, upholding a ruling ordering it to pay Russia's central bank 18.2tn rubles, or about €203bn ($237bn), in damages.

The case stems from the freezing of Russian assets in Europe after Russia's full-scale invasion of Ukraine in 2022. Euroclear argues that it acted in accordance with European Union law and that Russian courts have no jurisdiction over the company.

Although the ruling cannot be enforced within the EU, Russia could seek to seize Euroclear's assets in countries it considers friendly, including China, the United Arab Emirates and Kazakhstan.

Around two-thirds of the roughly €300bn ($350bn) in frozen Russian assets are held in Europe, most of them through Euroclear.

Euroclear has meanwhile asked a Belgian court to block enforcement of the Russian judgment.

(Reuters, mja)