Management Company “Pervaya” reduced the amount of the claim against Euroclear to 104.4 billion rubles. – Kommersant

The management company “Pervaya” has reduced the amount of claims against the Belgian depositary Euroclear from 184.8 billion to 104.4 billion rubles, RIA Novosti reports with reference to one of the participants in the meeting of the Moscow Arbitration Court and Interfax citing a source familiar with the process. The court adjourned the case until March 27 for the defendant to check the plaintiff’s calculations and for the parties to provide additional evidence of their positions.

As Interfax reports, a representative of Management Company Pervaya stated during the court hearing that the change in the amount of claims was due, in particular, to the fact that some of the securities were accounted for not in Euroclear, but in the Luxembourg depositary Clearstream, with the replacement of Eurobonds, as well as with receiving payments in accordance with the decree of Russian President Vladimir Putin.

At the September meeting, the plaintiff’s representative clarified that the amount of the claim consists, in particular, of the total value of the securities blocked by the defendant, accumulated income, interest and income that the founders of the management company could receive by using and reinvesting the frozen funds, RIA Novosti reports.

Management Company “First” filed claim to the Moscow Arbitration Court against Euroclear in July 2023. The third parties in the case file are Raiffeisenbank, the National Settlement Depository (NSD) and the Infinitum depository. According to Interfax, the claim of Management Company Pervaya against Euroclear is the largest of about a hundred claims that were filed against the Belgian depositary in Russian courts.

Read more about the successes in unblocking funds of Russians abroad in 2023 in the Kommersant material. “The end of the era of carpet blocking”.

Erdni Kagaltynov