VTB filed a lawsuit against Euroclear due to blocking of the bank’s funds in the depository – Kommersant

The Arbitration Court of St. Petersburg and the Leningrad Region received a statement of claim from VTB (MOEX: VTBR) to recover damages from Euroclear Bank. From card indexes arbitration cases it follows that the claim was filed on March 12, it has not yet been accepted for proceedings. The amount of the claims is unknown.

The VTB press service clarified “Interfax”that the claim was filed to protect the property interests of the credit organization due to the blocking of its funds in the depository account. “In the future, VTB intends to take all necessary measures to resolve the situation within the framework of current legislation,” noted the VTB press service.

According to the instructions of the Bank of Russia, in March 2022, the National Settlement Depository (NSD) limited transactions on the accounts of the Belgian Euroclear. The depository, in turn, limited transactions on the NSD account. At the beginning of June 2022, the European Union included NSD on the sanctions list, which led to the blocking of its accounts with Euroclear.

In 2023, Russian private investors and banks began suing Euroclear. Currently, Russian arbitration courts are considering 98 claims against Euroclear. Sources Reuters suggestthat Euroclear will face even more lawsuits if the West transfers Russia’s frozen Russian assets to Ukraine.

Read more about the discussions around asset confiscation in the Kommersant publication. “The war was left for the third year”.

Milena Kostereva