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Belgian court rules country’s treasury department lacks authority to decide on Russian bank’s frozen assets
By Charlotte Van Campenhout BRUSSELS, Sept 16 (Reuters) - Belgium's top administrative court ruled that the country's treasury department lacked the proper legal authority to refuse the release of
BRUSSELS, Sept 16 (Reuters) – Belgium’s top administrative court ruled that the country’s treasury department lacked the proper legal authority to refuse the release of frozen assets of Russian bank BCS held at Brussels-based clearing house Euroclear.
The Council of State did not order the release of the assets, however, and it was unclear whether the ruling offered the Russian bank a route towards getting the securities and funds back.
While the ruling only applies to BCS Bank, other treasury department decisions taken under the same mechanism could also be vulnerable to challenges unless Belgium revises the legal framework.
