Euroclear rejects Moscow ruling seeking massive damages, keeps Russian assets frozen
The assets of Russia’s central bank frozen at the Belgian depositary Euroclear under international sanctions remain blocked, Euroclear said in a statement.
Euroclear called the lawsuit “unsubstantiated” after a Moscow arbitration court heard the case.
“Such claims are not recognized under EU law, Euroclear does not recognize the jurisdiction of the court, and is appealing the ruling. The ruling does not affect Euroclear’s operations or financial position. The assets of the Central Bank of Russia held at Euroclear Bank remain frozen in accordance with international sanctions,” the depositary said.
Russian assets abroad were frozen after Russia’s invasion of Ukraine in 2022. A total of 260 billion euros was frozen. The bulk of this sum (about 190 billion euros) is held in accounts at Euroclear. The depository earns income on the frozen Russian assets, and since 2024 this income has been used to help fund assistance to Ukraine.
In December 2025, the Central Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court over the depository’s “unlawful actions.” The court issued its ruling on May 15, 2026, ordering Euroclear to pay 18.17 trillion rubles (200 billion euros) in damages.
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