Central Bank of Russia's Assets Remain Frozen at Euroclear
Belgian depository Euroclear Bank has confirmed it will keep the Central Bank of Russia's assets frozen, ignoring a Moscow Arbitration Court decision that ruled in favor of the Russian central bank. Euroclear does not recognize the authority of the Russian court and plans to appeal the ruling. The lawsuit, filed by Russia's central bank in December 2025, seeks damages of $249 billion, equivalent to 18.1 trillion rubles.
The Moscow Arbitration Court fully upheld the Central Bank of Russia's claim against Euroclear, declaring the depository's blocking of funds illegal. A significant portion of Russia's gold and foreign currency reserves is held in Euroclear accounts in Belgium. Euroclear, however, stresses that it does not accept the Russian court's jurisdiction over this matter.
'We are aware that the Moscow Arbitration Court has issued a ruling in favor of the Central Bank of Russia in its lawsuit against Euroclear Bank. Euroclear strongly denies this claim, which is without merit. This is the latest in a series of lawsuits filed against Euroclear in Russia. Such lawsuits are not recognized under EU law, and Euroclear does not recognize the court's jurisdiction. Euroclear will appeal the court's decision' – Euroclear Bank.
Euroclear continues to comply with all international sanctions imposed on Russia, underscoring its commitment to international law. The Russian regulator's lawsuit also conflicts with current European Union legislation, adding further complexity to the situation. Previously, the Central Bank of Russia had announced its intention to sue Euroclear over approximately €190 billion in frozen assets, highlighting the seriousness of its claims.
Next Legal Steps and Their Implications
As a result, the standoff over the Central Bank of Russia's assets at Euroclear remains tense, and further legal actions could carry significant consequences for both parties. The dispute between Euroclear and the Central Bank of Russia reflects broader geopolitical tensions tied to international sanctions against Russia, as well as the challenges faced by companies operating within the global financial system. The outcome of this conflict could affect the investment climate and trust in international financial institutions in the region.
The ongoing legal disputes surrounding asset freezes have intensified, as evidenced by the recent actions taken by Russian oligarchs. In light of Euroclear's firm stance against unfreezing assets, these developments raise significant questions about international law and jurisdiction. For a deeper understanding of how these legal battles are unfolding, you can read more about the nine lawsuits against Belgium filed by prominent Russian figures seeking to challenge similar asset restrictions.