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Euroclear challenges immediate enforcement of $256 bln Russian court ruling
Euroclear has filed a complaint against the immediate enforcement of a Moscow court ruling that ordered it to pay the Bank of Russia 18.2 trillion rubles ($256 billion). The Belgian depository maintains that Russian assets remain frozen under EU sanctions and does not recognize the court's jurisdiction.
Euroclear has filed a complaint with the Moscow Arbitration Court challenging the immediate enforcement of a ruling that ordered the Belgian depository to pay the Bank of Russia 18.2 trillion rubles (approximately $256 billion), according to a source familiar with the proceedings. The complaint was filed this week, the source said, as reported by TASS.
Coverage Comparison
The Moscow Arbitration Court ruled on May 15 in favor of the Bank of Russia's claim against Euroclear, according to TASS reports. The amount includes frozen funds, the value of blocked securities, and lost profits, per the same source.
On May 20, the Bank of Russia filed a petition with the Moscow Arbitration Court to immediately enforce the ruling, according to court documents cited by TASS. The court granted the Bank of Russia's motion to enforce the decision, according to Euroclear's lawyers, Maxim Kulkov and Sergey Savelyev, who spoke to TASS. The lawyers reportedly said the hearing on the motion was scheduled at extremely short notice.
The Bank of Russia has called the court decision on immediate enforcement "fair," with the regulator's press service telling TASS that the court addressed the ongoing violation and the risk that delaying enforcement would further protract the reinstatement of violated rights.
Key Claims
Moscow Arbitration Court ruling: The court upheld the Bank of Russia's claim against Euroclear for 18.2 trillion rubles (approximately $254–256 billion, depending on the report).
Immediate enforcement request: The Bank of Russia filed a petition to immediately enforce the ruling, which the court granted, according to Euroclear's lawyers.
Euroclear's complaint: Euroclear has filed a complaint against the immediate enforcement of the ruling, according to a source familiar with the proceedings, as reported by TASS.
Euroclear's position: The depository maintains that the Bank of Russia's assets will remain frozen "in line with international sanctions," and Euroclear does not recognize the jurisdiction of the Russian court, according to TASS.
Frozen Russian assets: The EU and G7 countries have frozen approximately €300 billion of Russian assets, with about €180 billion held at Euroclear, according to multiple reports.
Perspectives
Bank of Russia: Views the court decision as fair and is considering further legal avenues, including protecting its interests in international courts and arbitration tribunals, with enforcement in UN member states, per TASS.
Euroclear: Contends that the assets remain frozen under EU sanctions and does not recognize the Russian court's jurisdiction, according to TASS reports.
EU and G7: The legal actions stem from EU plans to use frozen Russian assets to finance Ukraine. The European Commission has sought member states' consent for such use, though the EU has not reached agreement on a "reparations loan" to Ukraine using these assets, according to TASS.
Related cases: Separately, Russia's Ninth Arbitration Court of Appeal ruled that Euroclear must pay approximately 32 billion rubles ($448 million) to Management Company Pervaya in a lawsuit filed by the firm, according to the arbitration case database. That claim involved the value of foreign securities, accrued income, and lost investment income for clients whose assets were frozen.
How this outlet told it
TASS — English
Framing: Bank of Russia's claim against Euroclear — Neutral
Facts Included:
Bank of Russia filed a petition with the Moscow Arbitration Court to immediately enforce the ruling in its 18.2-trillion-ruble claim against Euroclear
Moscow Arbitration Court upheld the Central Bank’s claim against Euroclear Bank for the recovery of 18.2 trillion rubles ($254 bln)
EU and G7 countries have frozen approximately €300 billion in Russian assets, with approximately €180 billion held in the Belgian depository Euroclear
Framing: Euroclear's response to the court ruling — Neutral
Facts Included:
Euroclear depository announced that the Bank of Russia’s assets will remain frozen at Euroclear Bank despite the ruling of the Moscow Arbitration Court
Moscow Arbitration Court upheld the Bank of Russia’s claim against Euroclear Bank to recover 18.2 trillion rubles ($251 bln)
EU and G7 countries have frozen around 300 bln euros of Russian assets
Framing: Euroclear's complaint against the enforcement of the ruling — Neutral
Facts Included:
Euroclear has filed a complaint with the Moscow Arbitration Court against the immediate enforcement of a ruling to recover 18.2 trillion rubles ($256 bln) under a lawsuit by the Central Bank
Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court for 18.2 trillion rubles ($256 bln)
EU and G7 countries have frozen approximately €300 billion of Russian assets
Framing: Bank of Russia's view on the court decision — Neutral
Facts Included:
Bank of Russia considers the court decision on immediate enforcement in litigation with Euroclear as fair
Court did not merely address the fact of continued violation but also the real risk that the enforcement delay will result in further protraction in reinstatement of violated rights
AI-extracted; can misattribute a claim — see Methodology.
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimThe Moscow Arbitration Court upheld the Central Bank of Russia's claim against Euroclear Bank for 18.2 trillion rubles ($254 bln).
ClaimThe EU and G7 countries have frozen approximately €300 billion in Russian assets, with approximately €180 billion held in the Belgian depository Euroclear.
ClaimEuroclear announced that the Central Bank of Russia's assets would remain frozen at Euroclear Bank despite the ruling of the Moscow Arbitration Court.
ClaimThe Bank of Russia filed a petition with the Moscow Arbitration Court to immediately enforce the ruling in its 18.2-trillion-ruble claim against Euroclear.
ClaimRussia's Ninth Arbitration Court of Appeal ruled that Euroclear Bank must pay approximately 32 billion rubles ($448 mln) to Management Company Pervaya.
ClaimEuroclear has filed a complaint with the Moscow Arbitration Court against the immediate enforcement of a ruling to recover 18.2 trillion rubles ($256 bln) under a lawsuit by the Central Bank.