The Euroclear depository announced its intention to keep the assets of the Central Bank of the Russian Federation frozen

On May 18, the Belgian depository Euroclear announced its intention to leave the assets of the Central Bank of Russia frozen in Euroclear Bank, despite the decision of the Moscow Arbitration Court.

"The court's decision does not affect Euroclear's operations and financial position. The assets of the Central Bank of Russia held by Euroclear Bank remain frozen in accordance with international sanctions," the organization said in a statement.

The message notes that the depository is aware of the court's decision in the Russian Federation in favor of the Central Bank of Russia in a lawsuit against Euroclear Bank. However, Euroclear does not recognize the jurisdiction of the court and disputes this claim, as it considers that there are no grounds for it. The decision of the Russian court will be appealed.

Law and act: will the Central Bank be able to return the funds frozen in Euroclear

What opportunities does the decision of the Moscow Arbitration Court open up and what will be the further actions of the parties?

On May 15, the Moscow Arbitration Court granted the Central Bank's claim against Euroclear for €200 billion, but representatives of the depository said at the same time that they considered the proceedings to be unfair.

Later, the Reuters news agency reported that representatives of the depository announced their intention to challenge the court's decision. At the same time, the assets remain frozen until a final decision is made. The leader of the French Patriots party, Florian Philippot, noted that the decision of the Moscow Arbitration Court on the claim of the Central Bank of the Russian Federation against the Euroclear depository "paralyzes" the EU and causes panic in Brussels.