Moscow appeals court upholds 18.17-trillion-ruble order against Euroclear, the Belgian depository holding €190 billion of Russia’s frozen funds
A Moscow appeals court has rejected a petition from Euroclear, the Belgian securities depository, the Russian state news agency TASS reported. A spokesman for Euroclear said a ruling ordering the firm to pay 18.17 trillion rubles in a case brought by Russia’s central bank remained in force.
Russia’s central bank sued Euroclear in December 2025, accusing the depositary — which holds the bulk of Russian assets frozen since the start of the full-scale war — of “unlawful actions.” The lower court, Moscow’s Arbitration Court, granted the claim in full in May 2026.
Euroclear said it would appeal. The depositary also said the frozen assets remain blocked under international sanctions and called the central bank’s lawsuit “unfounded.”
Russian assets abroad totaling 260 billion euros were frozen after Russia’s full-scale invasion of Ukraine began. The largest share of that sum — around 190 billion euros — is held in accounts at Euroclear.
In December 2025, the European Union froze Russia’s assets in Europe indefinitely — until Russia ends the war and compensates Ukraine for the damage it has caused. Previously, the EU renewed the asset freeze every six months.
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