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2026-09-17 13:54:11
[Belgian Court Rules Belgian Finance Ministry Lacks Authority to Refuse to Unfreeze BCS Bank Assets] Belgium's highest administrative court recently ruled that the Belgian Ministry of Finance lacks the legal authority to refuse to unfreeze the assets of Russia's BCS Bank, which are frozen by the European Bank for Clearing and Settlements (EBSD). However, the ruling did not require the immediate unfreezing of BCS's frozen assets, and it remains unclear whether the bank can reclaim them. In July 2024, BCS applied to unfreeze its assets controlled by EBSD, but this was rejected by the Belgian Ministry of Finance. Since the escalation of the Ukraine crisis, the total amount of Russian assets frozen within the EU is approximately €210 billion, of which about 90% is controlled by EBSD, headquartered in Brussels, Belgium. Russian Foreign Ministry spokeswoman Maria Zakharova stated that the EU's freezing of Russian assets is "completely illegal" and a serious violation of international law. (CCTV)
