Russian court rules in favor of the Central Bank of Russia in its 18 trillion ruble lawsuit against Euroclear: details
17 May 12:14
The Moscow Arbitration Court has ruled in favor of the Central Bank of the Russian Federation in its lawsuit against the Belgian depository Euroclear for 18.17 trillion rubles, according to "Komersant Ukrainian", citing Russian propaganda media.
The Russian regulator filed the lawsuit against Euroclear in December of last year, citing massive losses resulting from the sanctions-induced freezing of sovereign assets. The Central Bank’s claims include the amount of the Bank of Russia’s frozen funds, the value of the frozen securities, and lost profits.
At the Central Bank’s request, the judge conducted the hearing in closed session.
The Central Bank stated that it is satisfied with the court’s decision, which recognized “the illegality of Euroclear’s actions, which cause losses to the Bank of Russia.”
“At the same time, it should be noted that the final text of the decision has not yet been drafted, the decision has not yet taken effect, and Euroclear has the right to challenge it by filing an appeal. It is premature to discuss how the court’s decision will be enforced, as it has not yet taken effect,” the CBR said in a statement.
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Euroclear’s attorneys, Maxim Kulkov and Sergey Savelyev, told reporters that the right to a fair trial had clearly been violated:
“Given the closed nature of the proceedings, which we objected to, we cannot disclose any additional information,” they said.
As a reminder, following the start of Russia’s full-scale invasion of Ukraine in February 2022, Western countries froze approximately €300 billion in Russian sovereign reserves, of which about €210 billion are held in the EU. The European Union is using the proceeds from the investment of these funds to support Ukraine and is discussing mechanisms for long-term financing using these funds. Most of the funds are held at the Belgian depository Euroclear.
As of the end of December 2025, Euroclear’s balance sheet stood at €222 billion, of which €195 billion consists of frozen Russian assets. At the same time, Euroclear continues to reinvest funds to minimize risks and capital requirements, adhering to European capital rules (CET1) and sanctions requirements, and is building a financial buffer for potential future risks.
Euroclear notes that sanctions and retaliatory measures by Russia have resulted in a loss of €34 million in business revenue and direct costs of €113 million. Due to “significant risks and uncertainty,” the company has also set aside a provision of €342 million.
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