State corporation VEB.RF filed a claim against Euroclear for almost $300 million
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The State Development Corporation VEB.RF filed a claim against the international depository Euroclear in the Moscow Arbitration Court. The state corporation requested compensation for losses in the amount of $297.16 million, it follows from materials file files Drew attention to this Interfax.
The statement of claim was registered in court on October 20 and accepted for proceedings on October 27. The first meeting is scheduled for December 7, 2023. The third parties are the National Settlement Depository and the St. Petersburg Settlement and Depository Center.
In recent months, Russian arbitration courts have received dozens of claims for damages against the Belgian financial company. The VEB.RF lawsuit is one of the largest.
In March 2022, Euroclear suspended servicing the National Settlement Depository account. As a result, some of the securities of Russian investors were frozen, and dividends and coupons stopped flowing. According to the report of the Belgian company, for the nine months of 2023 on Russian frozen assets it earned €3 billion
Read about how investors are recovering from lockdowns “The Dashing Nine-Zeros”.
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