What happened
On December 12, 2025, the Bank of Russia filed a claim against the Belgian depository Euroclear in the Moscow Arbitrazh Court, seeking damages for its inability to dispose of blocked funds and securities (Russian sovereign assets) totaling about €200B (approximately ₽18.2T). On May 15, 2026, the court granted the claim, and on May 26, 2026, it ordered immediate enforcement of the judgment. In June 2026, the Ninth Arbitrazh Court of Appeal dismissed Euroclear’s appeals and refused to stay enforcement. In response, Euroclear brought a claim against the Bank of Russia in the Brussels Enterprise Court. According to the newspaper L’Echo, the depository is seeking a ruling that would prevent recognition and enforcement of the Moscow judgment abroad, describing the closed-door proceedings in Moscow as “unfair” and a “sham trial.” A preliminary hearing in the Belgian court took place on June 25, 2026.
Why it is notable
A precedent-setting conflict of jurisdictions over the blocked assets of the Bank of Russia. A Russian court ordered Euroclear to pay about €200B, while the Belgian depository, in response, is seeking to have a Brussels court block recognition and enforcement of that judgment.