European Court Rejects Russian Depository's Appeal

Russia has lost its case to unblock 70 billion euros in sanctions in the European Court.

The court refused to lift sanctions against the Russian National Settlement Depository; the amount of frozen assets in the Belgian depository Euroclear is about 70 billion euros, writes Bloomberg citing court decision.

The amount of frozen Russian assets in Euroclear, which includes frozen assets of the Bank of Russia, is estimated at 173 billion euros. The Euroclear representative declined to comment on how much exactly is connected with NSD.

These assets are not used to generate excess profits, which are transferred to Ukraine as financial support. The sanctions were imposed because of the NRD's role in financing the Russian invasion of Ukraine.

The court finds that NRD failed to prove that EU mistakenly considers it a systemically important institution that plays a significant role in the Russian financial system.

The decision can be appealed to a higher court.

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