Fitch did not rule out a downgrade of Euroclear's rating due to Russian assets

On December 16, the international rating agency Fitch Ratings warned about the inclusion of the Belgian depository Euroclear in the list of negative rating observations, citing potential liquidity problems and legal risks.

It is clarified that this decision is related to potential liquidity problems and legal risks arising from the plans of the European Commission (EC) to use the frozen funds of the Central Bank of Russia to provide a reparation loan to Ukraine.

In addition, the agency added that the recently introduced EU decision to permanently freeze Russian assets, instead of regularly updating sanctions every six months, increases uncertainty and increases financial risks for Euroclear.

Profitable move: what are the chances of the Central Bank returning assets blocked in the EU

The Bank of Russia has filed a lawsuit against Euroclear in Moscow and is ready to go to international courts.

On December 12, the Central Bank of the Russian Federation announced that it would file a claim for damages against Euroclear in the Moscow Arbitration Court. The Bank of Russia clarified that as a result of Euroclear's actions, the regulator lost the ability to dispose of its funds and securities. The reason for the appeal to the court was both the actions of the depository itself and the mechanisms discussed in the European Commission (EC) for the direct or indirect use of the assets of the Bank of Russia without its consent.

In response, Euroclear declared its readiness to defend itself in Russian courts on claims due to the blocking of Russian assets. EC official Paula Pinho said that the European Union (EU) is confident in the legality of the use of frozen assets of Russia.

All important news is on the Izvestia channel in the MAX messenger.