Assets of the Bank of Russia held in the Belgian Euroclear depository "remain frozen in accordance with international sanctions." This was stated in a release by Euroclear published on Monday, May 18. The depository noted that they categorically disagree with the claim from the Russian Central Bank, which was reviewed by the Arbitration Court of Moscow, and consider it "unfounded."
"This is yet another in the series of lawsuits filed against Euroclear in Russia. Such lawsuits are not recognized by EU legislation, and Euroclear does not acknowledge the jurisdiction of this court. Euroclear intends to appeal the court's decision," the statement notes.
Earlier, the Arbitration Court of Moscow ruled in favor of the Central Bank of Russia, ordering Euroclear to pay 18.2 trillion rubles (approximately 200 billion euros) as compensation for damages. The lawsuit from the Bank of Russia was filed in court in December 2025—the Central Bank justified it by citing Euroclear's "illegal actions."
Frozen Russian assets
Euroclear holds the majority of Russian sovereign assets that have been frozen since the onset of the war initiated by Moscow against Ukraine, amounting to about 190 billion euros out of a total of 260 billion euros. In December 2025, the EU approved an indefinite freeze on these funds until the war is over—previously, the freezing periods were regularly extended.
The profits that Euroclear generates from managing frozen assets will be directed towards funding aid for Ukraine starting in 2024.