A group of Russian investors filed a lawsuit against Euroclear for the recovery of 2 billion rubles.

Eight Russian investors and Energotransbank filed a lawsuit with the Moscow Arbitration Court to recover a total of 2 billion rubles. from the European depository Euroclear as a refund of the value of blocked assets and the recovery of accrued but not received amounts, reported in Telegram law firm NSP, as well as follows from the case file in website court.

NSP said the bureau’s lawyers would represent the plaintiffs. It is clarified that the lawsuit was filed on the basis of Article 248.1 of the APC of the Russian Federation, which is related to the consequences of the sanctions that investors have felt.

Lawyers expect the first hearing in the case to take place in September. The bureau said that it continues to collect investors into groups of plaintiffs and is now preparing to file a second lawsuit on behalf of investors who did not have time to enter the first group.

The application was registered on 21 July. As third parties in the case card, Tsifra Broker, BrokerCreditService, Raiffeisenbank, Sberbank CIB, KIT Finance, National Settlement Depository (NSD), Alfa Capital, Aton, Rosselkhozbank and VTB are indicated.

For the first half of 2023 Euroclear earned on investment of frozen assets of Russia €1.7 billion.

In 2022, European depositories Euroclear and Clearstream blocked accounts of NSD, due to which part of the securities of Russian investors was frozen. The Bank of Russia estimated the volume of blocked Russian assets on NSD’s accounts with foreign depositories at 6 trillion rubles.

More details – in the material “Kommersant” “Mediocre defrosting”.

Erdni Kagaltynov