Euroclear challenge to €200 billion Bank of Russia award due in court on October 22

The Moscow District Commercial Court is scheduled to hear Euroclear Bank's cassation appeal on October 22 against an award of about €200 billion to the Bank of Russia.

The Belgian securities depository is challenging a Moscow Commercial Court ruling that granted the Russian central bank's claim in full on May 15. The Ninth Commercial Court of Appeal upheld the award in July.

The Bank of Russia says its losses arose from being unable to access its money and securities. Its claim includes lost profits, with damages awarded in seven currencies.

Alongside its challenge to the judgment, Euroclear has sought to suspend enforcement. Courts rejected suspension requests in June, July and September. The Russian legal news agency RAPSI reported that the depository filed another request in October.

The Moscow court had authorized immediate enforcement on May 26. A writ of execution was issued to the Bank of Russia on June 2. Proceedings are being held behind closed doors.