Belgium’s highest administrative court—the Council of State—has ruled that Brussels’ refusal to unfreeze a Russian bank’s assets, which were blocked at the Euroclear depository, was unlawful. RIA Novosti reported the news, citing the court’s ruling.
The Russian bank, whose funds and securities had been blocked in Belgium, had applied to the local treasury as early as January 2023 for permission to unfreeze them. However, Brussels rejected the request.
The bank subsequently challenged the refusal before the Belgian Council of State.
The court ultimately found legal violations in the refusal process and declared the treasury’s decision invalid.
However, the court’s ruling does not mean the funds will be automatically unfrozen; Belgian authorities must now reconsider the Russian bank’s application.
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