According to RT, Russia’s central bank has initiated legal proceedings in Moscow against the Belgian clearinghouse Euroclear, in a move that comes as the EU approaches a denouement on plans to use Russia’s frozen funds to back a loan to Ukraine. The case will be filed with the Moscow City Arbitration Court. It will seek compensation for damages stemming from its “inability to manage monetary assets and securities” placed with the depository. The precise amount of the claim has not been disclosed.
“We [the government], including the central bank, are doing everything to protect our assets,” Deputy Prime Minister Aleksandr Novak told RT. “Illegal confiscations are absolutely unacceptable.”
