The court in Moscow fully satisfied the CBR's claim against the Belgian depository. Euroclear called the proceedings unfair and will appeal the decision.
The Arbitration Court of Moscow has ordered the Belgian depository Euroclear to pay the Central Bank of Russia (CBR) 18.17 trillion rubles (around 200 billion euros) as compensation for losses. This decision was reported on Friday, May 15, by the defendant's representative Sergey Savelyev. Despite Euroclear's objections, the CBR's lawsuit was considered in a closed session. The depository plans to appeal the Moscow court's decision.
Euroclear's position
"The right to a fair trial has clearly been violated. Given the closed nature of the proceedings, which we protested against, we cannot disclose any further details," said Saveliev.
The lawsuit from the Bank of Russia was filed in December 2025 - the Central Bank justified it as "illegal actions" by Euroclear.
Frozen assets
Euroclear holds the bulk of Russian sovereign assets that have been frozen since the war initiated by Moscow against Ukraine began - about €190 billion out of a total of €260 billion. 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 profit that Euroclear makes from managing frozen assets will be directed towards funding aid for Ukraine starting in 2024.