Russia demands $230B in compensation from Belgian-based Euroclear

MOSCOW

The Russian Central Bank is demanding 18.2 trillion rubles (about $229.7 billion) in compensation from Euroclear, a Belgian-based securities clearing and settlement company, according to a statement from the Moscow Arbitration Court.

The central bank filed a lawsuit against Euroclear on Dec. 12 demanding the compensation. Euroclear holds some €185 billion ($217 billion) in immobilized Russian reserves due to EU sanctions imposed following the outbreak of the Ukraine war in February 2022.

On Friday, EU member states decided to indefinitely immobilize frozen Russian assets amounting to €210 billion.

EU foreign policy chief Kaja Kallas also said the €210 billion would remain in EU territory unless Russia compensates for the damage it has inflicted on Ukraine during the ongoing war, which is nearing the four-year mark.

The Russian Central Bank also said on the same day that the EU's direct and indirect use of frozen Russian assets violates international law and that it will take necessary legal steps.