Euroclear asks appellate court to halt enforcement of Bank of Russia’s claim

Euroclear seeks to halt enforcement of Bank of Russia claim

The Belgian depository Euroclear has filed a petition with Russia's 9th Arbitration Court of Appeal to suspend enforcement of judicial decisions made by the first-instance arbitration court regarding the Bank of Russia's 18.2 trillion ruble ($239 billion) claim, according to the arbitration case file, as reported by TASS.

The petition, filed by Euroclear Bank S.A./N.V., seeks to suspend enforcement of the first-instance ruling under Article 265.1 of the Arbitration Procedure Code, according to the case file. The court previously accepted the depository's appeal and scheduled a hearing for July 16.

The legal dispute stems from a claim filed by the Central Bank of Russia against Euroclear in December 2025 with the Moscow Arbitration Court, amid European Union plans to use blocked Russian assets to fund Ukraine. The claim amounts to 18.2 trillion rubles, covering frozen funds, the value of blocked securities, and lost profits.

On May 15, 2026, the Moscow Arbitration Court upheld the Bank of Russia's claim and ordered Euroclear to pay the full amount. On May 20, the Bank of Russia filed a motion with the Moscow Arbitration Court for immediate enforcement of the ruling.

The broader context involves approximately €300 billion in Russian assets frozen by the EU and G7 countries, with around €180 billion held in Euroclear, according to TASS.

Bank of Russia responds to Euroclear's Belgium lawsuit

Separately, Euroclear has filed a lawsuit in Belgium against the Central Bank of Russia in an attempt to block enforcement of the Moscow Arbitration Court ruling, according to the Echo news outlet, as reported by TASS. The Bank of Russia is aware of the lawsuit, the regulator's press service told TASS.

At a briefing during the Financial Congress in St. Petersburg, Central Bank chief Elvira Nabiullina addressed the matter, saying: "I want to say we do not disclose the tactics of our action in this regard. The only thing I can acknowledge is that we are ready use all the opportunities, all the mechanisms, and all the rights to stand out for our legitimate interests."

Key Claims

• Euroclear filed a petition to suspend enforcement of judicial decisions with the 9th Arbitration Court of Appeal, as reported by TASS.
• The court accepted Euroclear's appeal and scheduled a hearing for July 16, according to the case file, as reported by TASS.
• The Bank of Russia filed a claim against Euroclear for 18.2 trillion rubles, which was upheld by the Moscow Arbitration Court on May 15, 2026, as reported by TASS.
• The EU and G7 countries have frozen approximately €300 billion in Russian assets, with about €180 billion held in Euroclear, as reported by TASS.
• Euroclear filed a lawsuit in Belgium against the Central Bank of Russia, as reported by TASS, citing the Echo news outlet.
• The Bank of Russia is ready to use all mechanisms to stand for legitimate interests, according to Central Bank chief Elvira Nabiullina, as reported by TASS.