Overview
- Euroclear filed a lawsuit in a Brussels commercial court to block a Moscow arbitration ruling that ordered it to pay about €220 billion, and a preliminary hearing was held in Brussels with Bank of Russia lawyers present.
- A Moscow arbitration court upheld the Bank of Russia’s 18.2 trillion ruble claim and granted a request for immediate enforcement of the judgment, though no cross‑border seizures have been reported.
- Euroclear says the Moscow trial was held behind closed doors and was fundamentally unfair and argues Belgian courts are the only ones with proper authority over the Brussels-based custodian.
- The Bank of Russia told Russian media it is preparing its defence strategy and tactics for the Belgian proceedings and has indicated it could consider enforcing the ruling against assets in foreign jurisdictions.
- The case matters because Euroclear holds a large share of roughly €300 billion in frozen Russian state assets and the dispute could prompt attempts to seize assets in countries outside the EU, complicating plans to use frozen-asset income to support Ukraine and raising risks for global custody rules.