Russia's central bank asks arbitration court to enforce Euroclear ruling 'swiftly'
The Russian central bank has asked an arbitration court to enforce its earlier ruling on the release of frozen Russian assets held at Belgium-based Euroclear without further delay. Brussels has previously rejected such requests. If enforced, the decision would set a significant precedent for the European Union's sanctions regime.
Russia's central bank has asked the arbitration tribunal in Brussels to immediately enforce its preliminary ruling that frozen Russian reserves held at Euroclear should be released. According to Anadolu Agency, the request includes a formal filing with the Belgian Federal Prosecutor's Office. The deposits in question total roughly 196 billion euros.
The Belgian government has blocked the assets under the European Union sanctions regime; the European Commission also plans to channel the income from the assets to support Ukraine. Moscow regards the tribunal's earlier ruling as confirmation under international law that its rights have been infringed, and has floated potential retaliation in energy and financial markets.
The issue is on the agenda of the EU finance ministers' meeting in Brussels on Friday. Legal analysts say that an enforcement order would force a fresh repricing of risk premia in the euro-denominated sovereign bond market. Euroclear has yet to comment publicly.
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