A Moscow court has ordered Euroclear, the Brussels-based clearing house, to pay compensation to Russia's central bank over seized assets, Russian media reported on Friday. The ruling by Moscow's Arbitration Court, which heard the case behind closed doors, upheld the Central Bank's claim in full, seeking 18.2 trillion rubles ($249.7 billion) in damages incurred when Russia was barred from managing its Euroclear funds and securities.
Court Decision and Reactions
Euroclear's lawyers Maxim Kulkov and Sergei Savelyev argued that the clearing house's right to a fair trial was violated. Savelyev stated that Euroclear intends to appeal the decision. Meanwhile, a representative of the Central Bank expressed satisfaction with the court's ruling.
Background of the Dispute
The EU froze Russian assets worth 210 billion euros ($244 billion) as part of sanctions imposed after Russia sent troops into Ukraine in February 2022. Euroclear holds approximately 193 billion euros of these seized funds. The Central Bank filed the lawsuit in December 2025.
The EU had initially planned to use frozen Russian assets to assist Ukraine but abandoned the idea after failing to convince Belgium that it would be protected from Russian retaliation. Instead, the EU borrowed 90 billion euros on capital markets to provide an interest-free loan to Ukraine for two years.
Russia's Central Bank has condemned the use of its frozen assets to aid Ukraine as "illegal, contrary to international law," arguing that it violates "the principles of sovereign immunity of assets."
