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Bank of Russia won’t withdraw its lawsuit against Euroclear over asset freezing

At the same time, the regulator is considering defending its interests in foreign jurisdictions

MOSCOW, December 19. /TASS/. The Bank of Russia does not intend to withdraw its lawsuits against foreign institutions over asset freezing, despite the EU's decision not to confiscate the regulator’s frozen assets for now, Elvira Nabiullina, head of the Central Bank of Russia, said at a press conference following the regulator's board meeting.

When asked whether the Bank of Russia would withdraw its lawsuit against Euroclear and soften its stance on lawsuits against European banks, she replied: "No, we do not intend to withdraw our lawsuits for now."

At the same time, the regulator is also considering defending its interests in foreign jurisdictions.

"I would like to say that we are also considering the possibility of defending our interests in international courts and arbitration tribunals, with subsequent enforcement of the decisions of such courts in other countries," Nabiullina said.

Earlier on Friday, speaking at the combined Direct Line Q&A session and year-end press conference headlined "Results of the Year," President Vladimir Putin said that if Europe seizes Russian assets, Moscow will fight the decision in court.

The EU and G7 countries froze approximately 300 billion euros in Russian assets. Approximately 180 billion euros is held in the Euroclear depository in Belgium.

The participants at the EU summit failed to agree on the expropriation of frozen Russian assets under the guise of a "reparations loan" to Ukraine. Instead, a decision was made to allocate 90 billion euros to Kiev over the next two years through a loan, European Commission President Ursula von der Leyen announced at the final press conference.

On December 12, the Moscow Arbitration Court filed a claim against Euroclear for 18.2 trillion rubles ($226 bln) from the Bank of Russia. This amount includes the regulator’s frozen funds, the value of frozen securities, and lost profits. The Bank of Russia is also considering defending its interests in international courts and arbitration tribunals, with subsequent enforcement of such court rulings in UN member states.