Vadym Khlyudzinskyi17:53, 11.09.24

The EU Court refused to remove sanctions from the Russian National Depository.

The European Court rejected the appeal of the National Settlement Depository of Russia (NRD) regarding the cancellation of European Union sanctions on Russian assets imposed in 2022. The restrictions were imposed because of NSD’s role in financing the Russian invasion of Ukraine. This is stated in the court decision .

In particular, the judges believe that NSD “could not prove” that the European Union was wrong, defining it as “a systemically important financial institution that plays a significant role in the functioning of the financial system of the Russian Federation.”

It is noted that this decision can still be appealed in the highest court of the EU.

As you know, the amount of NSD assets frozen in the Belgian Euroclear depository is about 70 billion euros. Currently, they are not used to receive additional income, which is transferred to Ukraine as financial support. However, according to Bloomberg , the decision of the EU court may pave the way for their use.

According to the publication, the amount of frozen Russian assets at Euroclear, which includes the frozen assets of the Bank of Russia, is estimated at 173 billion euros.

Frozen assets of the Russian Federation in the European Union – the latest news

In July, the European Union allocated the first €1.5 billion in revenues from the assets of the Russian Federation to Ukraine . As reported by the head of the European Commission, Ursula von der Leyen, it is about 1.5 billion euros, received from frozen Russian assets, for the defense and reconstruction of Ukraine.

As von der Leyen said, “there is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live.”

(C)UNIAN 2024