The Central Bank of Russia sued Euroclear in Moscow for 18.2 trillion rubles, about 250 billion dollars, over losses from the EU’s freeze of Russian sovereign assets held at the Belgian depository. The Moscow Arbitrazh Court ruled for Russia in full in May 2026 and made the judgment immediately enforceable, a ruling the Ninth Arbitrazh Court of Appeal upheld in July 2026. Euroclear, which does not recognize the Russian court’s jurisdiction, has separately sued the Bank of Russia in Brussels to stop the judgment from being recognized or enforced in the EU.
LATEST DEVELOPMENT · JUL 16, 2026
The Ninth Arbitrazh Court of Appeal in Moscow rejected Euroclear’s appeal on July 16, 2026, so the May 15, 2026 judgment ordering the Belgian depository to pay 18.17 trillion rubles (about $250B) to the Bank of Russia over the freezing of Russian sovereign assets is in force, and the first-instance court had already granted immediate enforcement. Euroclear, which holds roughly 190 billion euros of the immobilized Russian assets, sued the Bank of Russia in the Brussels Enterprise Court on June 30, 2026 for a declaration that the Moscow judgment cannot be recognized or enforced because it conflicts with EU sanctions and Belgian public policy.
BACKGROUND
The dispute grows out of the West’s freeze of roughly 300 billion euros in Russian central bank assets after Russia’s 2022 invasion of Ukraine. Euroclear, the Brussels based securities depository, holds the largest share of those immobilized funds, on the order of 190 to 200 billion euros. As the European Union debated turning the frozen assets, or profits generated by them, into a reparations loan for Ukraine in late 2025, Russia’s central bank struck back in its own courts.
On December 12, 2025, the Bank of Russia sued Euroclear in the Moscow Arbitration Court, seeking 18.2 trillion rubles, then worth about 250 billion dollars, to cover both the frozen principal and lost profits it says it was denied. The court held a closed door preliminary hearing on January 16, 2026 at the central bank’s request, rejected Euroclear’s bid to have the claim dismissed on January 19, and on May 15, 2026 ruled for the Bank of Russia in full. The Moscow court granted immediate enforcement over Euroclear’s objections in late May, and the Ninth Arbitrazh Court of Appeal rejected Euroclear’s appeal on July 16, 2026, making the judgment final and enforceable inside Russia.
Euroclear has refused to recognize the Russian proceedings from the start, arguing they violate its right to a fair trial and conflict with EU sanctions law. On June 30, 2026, it went on the offensive, suing the Bank of Russia in the Brussels Enterprise Court for a declaration that the Moscow judgment cannot be recognized or enforced in Belgium because it clashes with EU Regulations 269/2014 and 833/2014 and with Belgian public policy. The Moscow case is one of several parallel Russian lawsuits against Euroclear brought under Russia’s counter sanctions procedural rules, alongside smaller claims from Russian companies and banks such as Bank Saint-Petersburg and Silicium-2.
The case now sits at an impasse. Russia holds an enforceable domestic judgment for a sum that dwarfs Euroclear’s own balance sheet, but has no obvious way to collect it from a European institution that does not recognize Russian jurisdiction. Euroclear’s Brussels suit is aimed at closing off any avenue for recognition in the EU, while the outcome could shape how far Russia can reach into Euroclear’s operations or assets outside Europe.
TIMELINE
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JUL 16, 2026APPEALNinth Arbitrazh Court of Appeal rejects Euroclear’s appeal, judgment enters into force
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JUN 30, 2026FILINGEuroclear sues the Bank of Russia in Brussels to block recognition of the Moscow judgment
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JUN 1, 2026APPEALEuroclear formally appeals immediate enforcementEuroclear filed a further appeal against the immediate enforcement of the Moscow judgment in the Bank of Russia’s favor.
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MAY 30, 2026APPEALEuroclear challenges immediate enforcement orderEuroclear filed a complaint with the Moscow Arbitration Court against the order for immediate enforcement of the judgment.
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MAY 26, 2026ENFORCEMENTCourt grants immediate enforcementThe Moscow Arbitration Court granted the Bank of Russia’s motion to enforce the judgment immediately, ahead of any appellate ruling.
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MAY 20, 2026PROCEDURALBank of Russia moves for immediate enforcementThe Bank of Russia filed a motion with the Moscow Arbitration Court to immediately enforce the judgment before any appeal was resolved.
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MAY 18, 2026OTHEREuroclear says it will appeal the rulingEuroclear publicly rejected the Moscow court’s payment order and said it would appeal, calling the process a violation of its fair trial rights.
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MAY 15, 2026JUDGMENTMoscow Arbitrazh Court grants the claim in full after a closed-door trialThe court ordered Euroclear to pay losses in seven currencies totaling about 18.17 trillion rubles, and later granted the Bank of Russia’s motion for immediate enforcement.
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JAN 19, 2026PROCEDURALCourt rejects Euroclear motion to dismissThe Moscow Arbitration Court rejected Euroclear’s motion to dismiss the Bank of Russia’s claim without consideration, issued in a closed session.
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JAN 16, 2026HEARINGMoscow court holds preliminary hearingJudge Anna Petrukhina ruled the case would proceed behind closed doors at the Bank of Russia’s request to protect banking secrecy.
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DEC 12, 2025FILINGBank of Russia sues Euroclear in the Moscow Arbitrazh Court for 18.2 trillion rubles