The Moscow Arbitration Court announced today that it received a lawsuit from Russia's central bank against Euroclear on 12/12. The compensation sought exceeds 18,1 trillion rubles (over USD 229 billion).

Euroclear is a Belgium-based financial company that provides securities depository services. The company currently holds approximately 185 billion euros (USD 217 billion) in Russian assets frozen under European sanctions, imposed in response to Moscow's campaign in Ukraine.

Russia's central bank stated that the compensation it is seeking includes the value of frozen assets, the value of blocked securities transactions, and lost profits.

Euroclear has not commented on the development.

Euroclear headquarters in Brussels, Belgium on 5/3. Photo: AFP

The lawsuit was filed on the same day the European Union (EU) announced plans to indefinitely freeze Russian assets. The EU aims to use these funds as collateral for loans supporting Ukraine in 2026 and 2027.

Kirill Dmitriev, a close advisor to the Russian President, called the EU's action "theft", warning that the union would face consequences such as eroding confidence in the euro and the region's central banks.

Legal experts believe the Moscow Arbitration Court will soon issue a ruling, and Euroclear is likely to face an unfavorable outcome. If the lawsuit is won, Russia's central bank could target Euroclear's assets in countries Moscow considers "friendly" to compensate for its losses.

Nhu Tam (TASS, Reuters)