MOSCOW, Nov 10: The Moscow Arbitration Court has ordered Brussels-based Euroclear Bank to pay over USD 85 million to Russian oil pipeline company Transneft, according to court documents seen by Sputnik.
The lawsuit was filed in September 2024, with hearings held behind closed doors. Although the decision was issued in July, it has only recently become public that the court fully upheld the claim. The full court ruling has not yet been published, and the case details remain confidential.
Russia’s Gazprombank and the National Settlement Depository (NSD) are third-party participants in the case. Based on the list of parties involved, the dispute appears to be related to securities owned by the plaintiff that were blocked by the defendant due to international sanctions.
At a preliminary hearing in October 2024, the court granted the plaintiff’s request to conduct the proceedings in closed session, citing the risk of revealing commercial secrets if held openly.
European sanctions imposed on the NSD in 2022 led to the freezing of funds and securities belonging to Russian clients held in Euroclear and Luxembourg’s Clearstream, as well as related foreign bank accounts.
Numerous Russian banks, companies and individuals have launched legal actions against Euroclear Bank and Clearstream Banking over the asset freezes.
Transneft operates Russia’s main pipeline system, transporting oil and petroleum products domestically and internationally. Russia owns 78.55 percent of its ordinary shares through the Federal Agency for State Property Management, with the remaining 21.45 percent in preferred shares.
(UNI)
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