Russian asset manager files $2 billion Euroclear lawsuit in Moscow

One of Russia's oldest asset managers, First AM, has filed a claim for 184.8 billion roubles ($2.04 billion) with the Moscow Arbitration Court against Euroclear Bank, trying to protect investors whose assets were frozen.
 

First AM, formerly known as Sber Asset Management, had 1.44 trillion roubles in assets under management as of September 2022. It said it was trying to use every available opportunity to protect its clients' interest.

Belgium-based Euroclear did not immediately respond to a request for comment.

Euroclear has previously said various counterparties from Russia have turned to the courts in Russia and the European Union to challenge it in a bid to recover frozen payments. 

In case these lawsuits have any material impact, the company has said it had decided to separate its sanctions-related earnings from its underlying financial results when evaluating its own performance and resources.

Late last year, First AM applied to European authorities to unblock its assets at Euroclear and Clearstream. It has also applied to the finance ministries of Belgium and Luxembourg directly.

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Source: Reuters