A Russian court orders Euroclear, the Brussels-based clearing house holding much of Russia’s frozen assets in Europe, to pay compensation to Russia’s central bank, according to Russian media and Interfax. The ruling comes from a lawsuit filed by the central bank related to European Union measures that freeze Russian assets. Bloomberg reports the court ordered Euroclear to pay about €200 billion (reported as roughly $233 billion). Other coverage places the compensation figure around $250 billion.
Euroclear disputes the case and does not recognize the jurisdiction of the Russian court, according to The Moscow Times. The reporting also notes that it is not clear how Russia intends to recover or use the funds following the decision.
The overall issue centers on how frozen Russian assets held within Europe are handled and whether Russia can pursue compensation through legal action against entities involved in holding or clearing those assets.
