Euroclear Files Lawsuit in Brussels to Overturn Russian Court's $232 Billion Asset Ruling

According to L'Echo, Euroclear, one of Europe's largest clearinghouses, filed a lawsuit in Brussels to void a Russian arbitration court ruling ordering the unblocking of $232 billion in frozen Russian assets. The Moscow court had directed Euroclear to release the blocked funds and securities to the Russian Federation, claiming the clearinghouse's actions were illegal.

Euroclear's attorneys, Dorothée Vermeiren and Nathan Tulkens, confirmed to the French publication that the institution is seeking a swift Brussels decision to undermine the Moscow court's ruling, stating "A trial cannot be held in Russia in violation of my client's rights." The clearinghouse stressed it does not recognize the jurisdiction of the Russian court and that the decision is not valid under EU law. Central Bank of Russia President Elvira Nabiullina declared the bank is "ready to use all opportunities, all mechanisms, and all rights to stand out for our legitimate interests."