A court in Moscow has upheld a multibillion-dollar damages claim by Russia’s central bank against Belgian financial services provider Euroclear, media reports said.
The court of first instance ordered Euroclear to pay 18.17 trillion roubles (around $249 billion), according to the business news outlet RBK.
Euroclear manages the bulk of Russian assets frozen in the European Union following Moscow’s invasion of Ukraine.
The damages figure comprises more than $209 billion in funds blocked in Euroclear accounts, as well as nearly $23 billion in lost profits claimed by the Russian central bank.
The ruling is not yet legally binding. Defence lawyers described the closed-door proceedings as unfair and said they would appeal.
The decision had been widely expected. Experts say it could pave the way for Moscow to take countermeasures against remaining European assets in Russia.
