Kirill Chernovol, Researcher at the Gaidar Institute's International Best Practices Analysis Department, commented for TASS on the possible timeframe for resolving the Bank of Russia's lawsuit against the Belgian depository Euroclear.
The Central Bank's lawsuit was filed in response to the freezing of Russian assets. Currently, assets worth around €300 bn are blocked due to sanctions, with the majority of these funds, around €180 bn, held by Euroclear. The Russian regulator's claim for Rb18.17 trillion is aimed at compensating for the losses incurred. At the same time, the possibility of filing an additional lawsuit directly in Belgium is being considered.
According to Kirill Chernovol's assessment, once the lawsuit has been accepted for consideration, a decision on the merits should be made within six months. "As a general rule, after a lawsuit is filed with an arbitration court, the judge has five days to decide whether to accept the statement of claim for consideration, leave it pending, or return it. The case must then be considered, and a decision must be made within six months from the date of receipt of the application by the court. However, in particularly complex cases and/or cases involving a significant number of participants, the period may be extended to nine months," the expert said.
He also noted that subsequent stages of appeal can significantly increase the overall duration of the process. “Appeals or cassation proceedings can take up to 12 months in total, not counting possible procedural pauses,” added Kirill Chernovol.