against the background of discussions on the possible use of frozen Russian assets. This was stated by the head of theBelgian depository Euroclear Bank Valerie Urbain in an interview with the newspaper Le Soir.
According to her, during her trips she notices that investors followed the discussions of last year and are now askingwhether Europe retains its commitment to legal principles. Urbain warned that the possible transfer of Russian assets tothe EU or a specially created structure creates reputational risks for the European financial system. This, in turn, mayprovoke an outflow of deposits from Europe.
The head of Euroclear noted that for now international investors continue to trust European markets thanks to thepredictability of legislation, the protection of property and the observance of legal norms. However, the loss of such trustmay have serious consequences, especially taking into account Europe’s need for investments in defense, digitaltransformation and overcoming the consequences of population aging.
On 15 May the Arbitration Court of Moscow fully satisfied the claim of the Central Bank of the RF against Euroclear. TheBelgian side had already contested this decision, however the appeal was rejected.
On 16 July the Ninth Arbitration Court of Appeal rejected the appeal of the Belgian Euroclear Bank against the recoveryof ₽18.2 trillion.
On 22 October the Arbitration Court of the Moscow District rejected the cassation appeal of the Belgian bank against thejudicial acts of the Russian arbitration courts regarding the recovery from it of about €200 billion euros.
On 5 November L’Echo, citing a source in the court, wrote that the Bank of Russia had applied to the court in Brusselswith a demand to seize documents at the headquarters of Euroclear. According to the publication, the Russian regulatorsuspects Euroclear of collusion with the European Commission (EC) and the Council of the EU. The claims are connectedwith changes to the EU sanctions rules adopted on 23 July 2026. The amendments allow European courts to prohibitclaimants from seeking enforcement of decisions of Russian courts outside the EU.
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