Moscow Appeals Court Upholds 18.17 Trillion Ruble Order Against Euroclear
A Moscow appeals court rejected Euroclear's petition, keeping in force a ruling that orders the Belgian depositary to pay 18.17 trillion rubles, related to €190 billion of Russia's frozen assets.
A Moscow appeals court has rejected a petition from Euroclear, the Belgian securities depository, according to the Russian state news agency TASS. A spokesman for Euroclear confirmed that the ruling ordering the firm to pay 18.17 trillion rubles remains in force. The case was initiated by Russia's central bank in December 2025, accusing the depositary of "unlawful actions." The lower court, Moscow's Arbitration Court, granted the claim in full in May 2026.
Euroclear stated it plans to appeal the decision. The depositary also noted that the frozen assets remain blocked under international sanctions and called the central bank's lawsuit "unfounded."
Russian assets abroad totaling 260 billion euros were frozen after Russia's full-scale invasion of Ukraine began. The largest share of that sum—around 190 billion euros—is held in accounts at Euroclear. In December 2025, the European Union froze Russia's assets in Europe indefinitely until Russia ends the war and compensates Ukraine for damages. Previously, the EU renewed the asset freeze every six months.
