The Ninth Arbitration Court of Appeal in Moscow rejected a motion from the Belgian depository Euroclear, according to TASS. A company representative told the agency that the ruling ordering the recovery of 18.17 trillion rubles in the lawsuit brought by the Bank of Russia remains in force.
The Central Bank filed its claim in December 2025. The Russian regulator accused the depository of “illegal actions.” The case concerns the institution that holds most of the Russian assets frozen after the start of Russia’s full-scale war against Ukraine.
In May 2026, the Moscow Arbitration Court fully satisfied the Bank of Russia’s claim. After that, Euroclear representatives said they would seek to challenge the ruling in higher courts.
Euroclear stressed that the frozen assets remain blocked in accordance with international sanctions and described the Bank of Russia’s lawsuit as unfounded.
After the war began, Russian assets abroad totaling about 260 billion euros were frozen. According to the report, most of that money — around 190 billion euros — is held in Euroclear accounts.
In December 2025, the European Union froze Russian assets in Europe for an indefinite period, until the war ends. Russia is also being required to compensate the Ukrainian side for the damage caused. Before that, the EU had extended its asset-freeze decisions every six months.