A Russian court on Friday ordered Belgian financial group Euroclear to pay around $250 billion in damages over the freezing of billions of dollars worth of Russian assets in the European Union since the start of the full-scale invasion of Ukraine.
It was not clear how Russia intended to recover the funds, and Euroclear said it did not recognize the Russian court's jurisdiction.
“The Moscow Court of Arbitration upheld the Russian Central Bank’s claim against Euroclear for the recovery of 18.2 trillion rubles ($250 billion),” the court said in a statement.
Euroclear said the central bank's claims were “without merit” in a comment to AFP.
“Euroclear's operations and financial position are unaffected by the court's decision,” a spokesperson for the group told AFP, adding that they would appeal.
