The management company “First” wants to turn the court to recover 184.8 billion rubles. with Euroclear Bank – Kommersant

The Moscow Arbitration Court registered a lawsuit from the management company (MC) Pervaya (formerly Sber Asset Management) demanding to recover 184.8 billion rubles from the Belgian Euroclear Bank. The lawsuit was filed with the court on July 11, it has not yet been accepted for consideration, it follows from file cabinets. Third parties include the Russian Raiffeisenbank, the National Settlement Depository (NSD), and the Infinitum Depository.

The Criminal Code stated that they had filed a lawsuit in order to protect the rights and interests of the company’s clients with frozen assets. In 2022, Euroclear blocked operations for Russian investors on assets that were accounted for by NSD. At the end of the year, the UK filed an individual application with the financial authorities of the European Union to unlock the assets of clients in Euroclear and Clearstream. “We submitted an application to allow the assets to be unlocked under licenses, which were issued at the end of December by the Ministries of Finance of Belgium and Luxembourg at the general request of NSD,” the company told TASS.

Euroclear and Clearstream blocked NSD’s accounts as part of sanctions restrictions, due to which some of the securities of Russian investors were frozen. In June 2022, the Central Bank of Russia estimated the volume of blocked Russian assets in NSD’s accounts with foreign depositories at RUB 6 trillion. This summer, Russian private investors began to sue Euroclear. The Moscow Arbitration Court accepted the first claim against the depository from an individual in July.

Details – in the material “Kommersant FM” “Euroclear is looking for a private approach”.

Laura Keffer