OREANDA-NEWS The Moscow Arbitration Court has registered a lawsuit by Promsvyazbank against the large European depositories Euroclear Bank and Clearstream Banking, according to information in the file of arbitration cases.

The lawsuit went to court on September 5, and preliminary hearings are scheduled for October 21. The third parties in the case file are the National Settlement Depository (NSD) and LLC Baltonexim Finance Investment Company. The subject and grounds of the claims have not yet been disclosed.

In July, Promsvyazbank filed a lawsuit with the same court, in which it asks to recover about $ 11.4 million from Euroclear Bank. That claim has been accepted for consideration, and preliminary hearings are scheduled for October 7. The court brought NSD into the case as a third party.

The grounds for the claims have not yet been indicated in the published court materials, but according to the composition of the participants, it can be assumed that the plaintiff is recovering losses caused by the blocking of securities belonging to him held in NSD's Euroclear accounts.

European countries imposed sanctions against NSD in 2022. As a result, the funds and securities of Russian clients were blocked on NSD's accounts in the European depositories Euroclear and Clearstream. Funds on NSD's accounts in foreign correspondent banks have also been blocked. Many Russian banks, companies and individuals have filed lawsuits in Russian courts against Belgian Euroclear Bank and Luxembourg-based Clearstream Banking related to the freezing of assets.

Promsvyazbank was founded in 1995 and is 100% owned by the Federal Property Management Agency. After the reorganization carried out in 2017-2019, it became the main state bank for operations on state defense orders and large state contracts.