Euroclear Sues Russian Central Bank in Belgium for €220 Billion in Damages
Legal Battle Over Frozen Russian Assets
By Inti Landauro
Background of the Dispute
BRUSSELS, June 30 (Reuters) - Euroclear has sued Russia's central bank in a Belgian civil court, seeking to block the enforcement of a Russian ruling ordering the clearing house to pay about €220 billion ($250 billion) in damages over the freezing of Russian assets under EU sanctions.
Brussels-based Euroclear, one of the main clearing houses and asset custodians in the region, said it had complied with EU rules by freezing the assets.
Jurisdiction and Legal Arguments
"We consider the Russian courts do not have jurisdiction over Euroclear," spokesperson Jorgen Muylaert said on Tuesday. "Only Belgian courts have jurisdiction that is relevant to us."
Moscow Court Ruling and Enforcement
A Moscow arbitration court ruled last month Euroclear had to pay damages worth about €220 billion for the freezing of the assets. Days later, a request for immediate enforcement of the ruling was granted, although no steps have so far been taken.
"The Bank of Russia is aware of the lawsuit by Euroclear," the central bank said on Tuesday. "A strategy and tactics for defence in court are currently being developed."
Implications for Euroclear and the EU
As Russian courts have no jurisdiction in the EU, the Moscow court's decision is likely to carry more symbolic than practical weight, with EU law effectively shielding Euroclear for complying with sanctions.
Potential Asset Seizure Outside the EU
However, the Russian central bank could seek to seize Euroclear assets in other jurisdictions, particularly in countries Russia views as friendly, including China, the United Arab Emirates and Kazakhstan.
"We do not want to speculate what the next steps for the Russian central bank will be," Muylaert said, though he acknowledged the central bank had already threatened to seize Euroclear assets outside the EU.
Scale of Frozen Assets and Timeline
Of roughly €300 billion in Russian foreign assets frozen abroad, about two-thirds are in Europe, mostly held at Euroclear.
The lawsuit in Moscow was lodged in December 2025, when EU leaders were considering seizing part of the frozen Russian assets to finance the Ukraine war effort.
($1 = 0.8753 euros)
(Reporting by Inti LandauroEditing by Ros Russell)
