The Arbitration Court of the Moscow District will on 22 October consider Euroclear Bank's cassation appeal against a ruling to recover damages from the Belgian depository under a lawsuit by the Bank of Russia. The central bank's claim sought €200.1 billion.
The Moscow Arbitration Court ruled on 15 May 2026 in favour of the Central Bank of Russia, fully satisfying its claim with damages awarded in seven currencies. In July the Ninth Arbitration Appellate Court rejected Euroclear Bank's appeal, and the judgment entered into force.
ENFORCEMENT MOVES AHEAD OF THE HEARING
On 26 May, at the Bank of Russia's request, the Moscow Arbitration Court ordered the judgment to be executed immediately. It issued the Bank of Russia an execution writ for compulsory enforcement on 2 June.
Euroclear repeatedly asked for execution to be suspended. The court of first instance refused in June, the appellate court in July and the district court in September. The proceedings have been held behind closed doors from the start, and the court's rulings are not published.
BASIS AND SIZE OF THE CLAIM
The Central Bank of Russia filed the lawsuit with the Moscow Arbitration Court on 12 December 2025, seeking compensation of 18.173 trillion rubles. The claim comprises €181.5 billion in actual damages and €18.6 billion in lost profits and potential income.
The central bank said the suit relates to damage caused by "the unlawful actions of Euroclear" and to the European Commission's announced plans to freeze its funds indefinitely and use them for transfer to third parties. The case was reassigned to a new judge, and Nadezhda Bushmarina presided over the 15 May hearing instead of Anna Petrukhina.
EUROCLEAR CONTESTS JURISDICTION AND FAIRNESS
Euroclear says it strongly contests the claim, which it describes as without merit. It says such claims are not recognised under EU law and that it does not recognise the court's jurisdiction.
Euroclear's lawyer, Sergei Savelyev, said: "Euroclear's right to fair litigation was clearly violated." He added that the claims were granted in full and that nothing more could be revealed given the closed nature of the proceedings, to which Euroclear objected.
Euroclear says its operations and financial position are unaffected by the decision. It has set aside part of its operating profit as a buffer against the risk of adverse rulings in Russia, which it does not recognise as binding. A senior EU official said Euroclear can offset any seizure of its assets in Russia with the Russian assets it holds in Belgium.
BALANCE SHEET AND EARNINGS EXPOSURE
At the end of December 2025, Euroclear Bank's balance sheet totalled €222 billion, of which €195 billion related to sanctioned Russian assets. Interest earnings from those assets were €5 billion in 2025, a 26% year-on-year decrease due to lower interest rates. As the EU windfall contribution regulation requires, Euroclear provisioned €3.3 billion as windfall contribution.
FROZEN RESERVES AND THE WIDER DISPUTE
The assets of the Bank of Russia were frozen after the start of Russia's military operation in Ukraine in 2022, and sanctions deprived Russia of access to about $300 billion in reserves. The central bank estimates that the bulk of its frozen assets, including lost profits, is held at Euroclear, which says they remain immobilised in line with the international sanctions.
On 27 February 2026 the Central Bank of Russia appealed to the General Court of the European Union against the EU Council regulation imposing an indefinite freeze on its assets. Its press office said the bank is happy with the Moscow ruling, and the bank said it continues to challenge what it described as the EU's illegal actions with respect to its assets.