Bank of Russia’s assets to remain frozen — Euroclear

Euroclear, a prominent international securities depository, has confirmed that the Bank of Russia assets will remain frozen. This decision follows Euroclear refusal to recognize the jurisdiction of a Russian court and its assertion that the Russian Central Bank's claim is not valid under EU law. This situation stems directly from the extensive sanctions imposed by the European Union and its allies on Russia following its full-scale invasion of Ukraine, aiming to financially isolate Moscow and impede its war efforts. The ongoing legal battle underscores the profound challenges and complexities of enforcing international sanctions, creating significant precedent for the global financial architecture as entities like Euroclear navigate conflicting legal systems and geopolitical pressures.