Published by Global Banking & Finance Review®
Posted on December 17, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleA Moscow court will hear the Russian central bank's $230 billion lawsuit against Euroclear on January 16, amid EU plans to use frozen Russian assets.
MOSCOW, Dec 17 (Reuters) - A Moscow court will hold a preliminary hearing on January 16 on the Russian central bank’s lawsuit against Belgian depository Euroclear, the court’s press service said on Wednesday.
The central bank has filed a lawsuit in Moscow this week seeking $230 billion in damages from Euroclear, marking the first step in what the Kremlin has warned will be a legal nightmare for the EU over plans to use frozen Russian assets to support Ukraine.
The EU, searching for a way to finance Ukraine's defence and budget needs in 2026 and 2027, plans to use up to 165 billion euros ($193.84 billion) of Russian central bank assets frozen in Europe.
Euroclear, the Belgian Central Securities Depository, was holding bonds for the Russian central bank at the onset of Russia's invasion of Ukraine. The bonds have since matured, but the cash remains in Euroclear because of EU sanctions against the Kremlin.
Ratings agency Fitch placed Euroclear Bank on "rating watch negative", citing the potential for increased legal and liquidity risks. Euroclear said that Fitch's decision signalled a need for greater clarity on the EU loan plans.
Lawyers told Reuters that although Euroclear does not have assets in Russia that could be seized, following the court’s widely expected decision in favour of the central bank’s claim, Russia could seek to enforce it in jurisdictions it considers ‘friendly.’
(Reporting by Elena Fabrichnaya; Writing by Gleb Bryanski; editing by Guy Faulconbridge)
A central bank is a financial institution that manages a country's currency, money supply, and interest rates. It also oversees the banking system and implements monetary policy.
Frozen assets refer to funds or properties that are restricted from being accessed or utilized, often due to legal or regulatory actions, such as sanctions.
A preliminary hearing is a court proceeding where the judge determines whether there is enough evidence to proceed with a trial. It typically occurs before the trial itself.
A ratings agency is a company that assesses the creditworthiness of issuers of debt securities, providing ratings that indicate the risk associated with investing in those securities.
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