Russia's Central Bank seeks $229 billion in damages from Euroclear
Russia's Central Bank has filed a lawsuit seeking 18.2 trillion rubles ($229 billion) in damages from Euroclear, Russian state media reported Dec. 15.
The lawsuit marks the latest escalation in Moscow's legal dispute with Euroclear, a Belgium-based central securities depository, following Russia's announcement last week that it intended to sue the financial institution as the European Union debates how to use frozen Russian sovereign assets to support Ukraine.
A spokesperson for Moscow's Arbitration Court said the claim was filed by the Bank of Russia, which would later decide how to enforce any ruling against Euroclear's assets, including those held outside Russia, once a decision takes effect.
Euroclear holds about 185 billion euros ($217 billion) of frozen Russian funds, which are subject to EU sanctions imposed after Russia launched its full-scale invasion of Ukraine in 2022.
In a press release issued Dec. 12, the Bank of Russia said it would pursue "all available legal and other mechanisms" to challenge a proposed reparations loan tied to the frozen assets.
Moscow announced the lawsuit after the EU agreed to indefinitely freeze Russian central bank reserves last week.
Most legal scholars and policy analysts have described the reparations loan as a carefully designed response to Ukraine's economic needs amid Russia's ongoing aggression. A legal memo from the multinational law firm Covington & Burling, reviewed by the Kyiv Independent, said litigation risks associated with the loan are "minimal."
