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Moscow Court Rejects Euroclear's Request to Suspend Enforcement
The Moscow Arbitration Court has rejected Euroclear Bank's request to suspend the enforcement of a ruling in favor of the Central Bank of Russia amounting to approximately 200 billion euros. A request for clarification on how the enforcement process should be conducted was also denied in the same case.
The Moscow Arbitration Court has rejected Euroclear Bank's request to suspend the forced enforcement of a ruling in favor of the Central Bank of Russia amounting to approximately 200 billion euros. The hearing was held behind closed doors.
The court reviewed the application submitted on June 4 but did not accept the request. In the same case, Euroclear's request for clarification on how the enforcement process should be carried out was also denied.
Background of the Ruling
On May 15, the Moscow Arbitration Court fully upheld the lawsuit filed by the Central Bank of Russia against Euroclear and ordered the defendant to pay damages totaling approximately 200 billion euros across seven currencies.
Following this, on May 26, the court allowed the immediate enforcement of the ruling. On June 2, a first-instance court issued an enforcement order in favor of the Central Bank of Russia.
Euroclear Bank also failed to overturn the interim ruling that deemed the decision immediately enforceable in an appeal filed on June 8. The Ninth Arbitration Appellate Court rejected the appeal.
Frozen Assets
Assets belonging to the Central Bank of Russia were frozen following the start of the military operation in Ukraine in 2022. The Central Bank states that the main portion of these assets, approximately 200 billion euros, is held at Euroclear.
The court's latest decision indicates that the legal process between the parties continues to advance in favor of the Central Bank of Russia during the enforcement phase as well.
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