Euroclear Sues Russian Central Bank in Belgian Court

June 30, 2026 Yaroslav Chingaev / Moskva News Agency Belgian financial group Euroclear is suing Russia’s Central Bank to block a Moscow court ruling that ordered it to pay more than $250 billion in damages over frozen assets in Europe, Belgian media reported Tuesday. The move follows a decision last month by a Moscow arbitration court, which upheld the Russian Central Bank’s 18.2 trillion ruble ($231.26 billion) claim against Euroclear. The Belgian financial group dismissed the claim as “without merit.” Euroclear holds much of the 300 billion euros ($342 billion) in Russian state assets that were frozen in the West following the 2022 invasion of Ukraine. The Moscow court later granted the Central Bank’s request for immediate enforcement of the multibillion-dollar verdict, raising concerns that Russia could try to seize Euroclear’s assets held outside Europe. In response, Euroclear retaliated last week by lodging its own lawsuit in a Brussels commercial court, the Belgian newspaper L’Echo reported. Euroclear argues that the closed-door trial in Moscow was “fundamentally unfair” and asserts that only Belgian courts maintain the legal authority to rule on matters involving the Brussels-based institution. The clearing house has also accused the Russian Central Bank of a breach of contract for pursuing the damages. A preliminary hearing was held last Thursday in Brussels, where lawyers representing Russia’s Central Bank were present. The Central Bank filed the lawsuit against Euroclear in Moscow in December after the EU moved to use income from frozen Russian assets to help finance Ukraine. Read more about: Belgium , Central Bank , Court cases Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russian Central Bank Challenges EU’s Indefinite Asset Freeze in European Court The regulator argues that the move effectively stripped it of legal protection and the ability to enforce its rights. 2 Min read Moscow Court Holds Preliminary Hearing in Central Bank Lawsuit Against Euroclear A judge ruled that the proceedings would be held behind closed doors at the request of Russia's Central Bank, which sought to "protect banking secrecy... 2 Min read Russia’s Central Bank Seeks $230Bln From Euroclear Over Frozen Assets The legal move comes as the EU debates how to use frozen Russian sovereign assets to provide long-term support to Ukraine. 2 Min read Military Court Jails Ex-General Ivan Popov 5 Years Over Fraud Allegations The general’s arrest in May 2024 sparked criticism from pro-war bloggers, who accused Russia’s top brass of sidelining a respected commander. 2 Min read