For the first time, a Russian investor won a claim against Euroclear in arbitration – Kommersant

The Moscow Arbitration Court for the first time satisfied the claims of a Russian private investor for compensation of losses from the Belgian depositary Euroclear. The court partially satisfied Roman Prudentov’s claim, as stated in card index court cases.

Mr. Prudentov demanded $582.4 thousand from the depositary. The court decided to recover $10.1 thousand in favor of the plaintiff at the Central Bank exchange rate on the date of execution of the court decision, as well as the cost of paying state duty in the amount of 21.7 thousand rubles.

Roman Prudentov reported RBCthat he intends to appeal the court’s decisions to a higher authority. According to him, the court recovered in full the payments of coupon income and dividends accrued from September 10, 2023 to February 6, 2024. However, it refused the part regarding the recovery of losses in the form of a decrease in the value of securities, which, in the plaintiff’s opinion, were caused by the actions of the depositary.

Since the fall of 2022, investors have been filing claims against European depositories that have frozen Russian assets. Euroclear holds the majority of Russia’s frozen assets – €200 billion out of €269 billion. As of February 19, the Moscow Arbitration Court has 99 cases on this issue, and the total amount of claims is 690.4 billion rubles.

About how Russian banks returned payments on Eurobonds, see the article “I didn’t have to wait forever for coupons.”.

Alexandra Goroshilova