Ex-Senator Malkin sued Euroclear for $2 million in a Moscow court – Kommersant

Former member of the Federation Council from the Chukotka Autonomous Okrug Efim Malkin sued the Belgian depository Euroclear in Russia has $2 million in the Basmanny District Court of Moscow.

According to “Vedomosti” Mr. Malkin appealed to the Basmanny Court in the summer of 2023 in connection with the non-receipt of $2 million (about 180 million rubles) of income from the redemption of Eurobonds of the Dutch subsidiary of LUKOIL Lukoil International Finance BV due to the blocking of Rosbank’s account with Euroclear, the case materials say. Rosbank kept records of Efim Malkin’s securities. During the trial, the court sided with the ex-senator.

“To recover from Euroclear Bank SA/NV in favor of Malkin Efim Naumovich losses in the amount of $2 million, interest for the use of other people’s funds for the period from 06/08/2022 to 06/28/2023 in the amount of $120 thousand in rubles at the rate of the Central Bank of the Russian Federation on the day of execution of the decision court,” said the court decision, the legality of which has already been confirmed by the Moscow City Court. In addition, the court ordered Euroclear to resume operations on Rosbank accounts to fulfill its obligations to the former member of the Federation Council.

It was previously reported that private investors, whose assets and securities were blocked in the Belgian depository in 2022 after the start of the Russian military operation in Ukraine, began to abandon claims against Euroclear. The reason is that Russians began to receive compensation by presidential decree. Decree No. 665, signed in the fall of 2023, allows investors to receive income from blocked foreign securities.

Read more in the article “Kommersant” “Compensations will be paid without trial”.

Alexander Kislov