The key facts

  • The Moscow Arbitration Court on October 22 rejected Euroclear's appeal, upholding the May ruling ordering payment of about $250 billion to the Central Bank of Russia
  • Euroclear intends to continue its defense, including proceedings in Belgium, and has set aside €162 million for claims in Russian courts
  • The dispute stems from the freezing of Russian assets after EU sanctions in 2022; Belgian Prime Minister De Wever blocked the plan to use the assets for Ukraine

Appeal rejected

The Moscow District Arbitration Court on October 22 rejected the appeal of the Belgian depository Euroclear and upheld the May ruling obliging the company to pay about $250 billion to the Central Bank of Russia. This was reported by the Belgian broadcaster RTBF, citing Euroclear's third-quarter financial statements; the ruling is also covered by Anadolu.

Course of the dispute

This is already the company's second unsuccessful attempt to challenge the verdict: the first appeal was rejected in July. The conflict began after EU sanctions imposed following Russia's invasion of Ukraine in February 2022 froze billions of dollars of Central Bank of Russia assets held at Euroclear. The Russian regulator filed a lawsuit, arguing that the restrictions unlawfully deprived it of the ability to manage its international reserves.

Euroclear's position and context

Euroclear stated that it will continue to defend its interests, including through legal proceedings in Belgium, reaffirming its commitment to market stability, the rule of law and the protection of clients. According to its financial statements, the company has set aside €162 million ($181 million) for claims in Russian courts, where several other lawsuits have been filed against it. The legal battle unfolded against the backdrop of EU discussions on using frozen assets to finance Ukraine: Belgian Prime Minister Bart De Wever opposed the proposal due to legal uncertainties and financial risks, and ultimately gathered enough support to block it.