RBC: The EU recognized the purpose of sanctions against NSD to undermine the Russian economy

RBC reports this with reference to court materials on the positions of the parties, distributed for the hearing.

According to the publication, the Council of the EU and the NSD exchanged arguments regarding the sanctions introduced in June 2022, which consolidated the freezing of foreign assets of private investors from Russia.

The hearing took place in the court of general jurisdiction on January 23.

Thus, it is noted that the Council of the EU publicly justified the introduction of sanctions against NSD by the fact that it is the central depository of Russia.

“The difficulties of the central depository could lead to financial and economic instability and undermine confidence in the government’s debt management program,” the position of the EU Council states in the materials.

As stated in the EU Council, failures in significant payment systems could undermine the functioning of the entire Russian economy.

On August 12, 2022, NSD filed a lawsuit with the Court of the European Union in Luxembourg to cancel the restrictions imposed on it.

In November, NSD appealed to the EU Council to appeal the imposition of sanctions.