B · Normal
[Belgian court ruled that the Ministry of Finance has no right to refuse to unfreeze the assets of Russian BCS Bank] On September 17, Belgium’s Supreme Administrative Court recently ruled that the Belgian Ministry of Finance lacks the corresponding legal authority and has no right to refuse to unfreeze the assets of Russian BCS Bank frozen at the European Bank for Settlements. However, the ruling did not require the immediate unfreezing of BCS Bank’s frozen assets, and it is unclear whether the bank can retrieve the relevant assets. In July 2024, BCS Bank applied to unfreeze its assets controlled by the European Bank for Settlements, but was rejected by the Belgian Ministry of Finance.
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