Russian central bank seeks immediate enforcement of ruling against Euroclear
Central Bank's Legal Action and Euroclear's Response
Immediate Enforcement Application
MOSCOW, May 20 (Reuters) - The Russian central bank has filed an application with the Moscow Arbitration Court seeking the immediate enforcement of a ruling in its case against Euroclear.
Under Russian law, a court may order immediate enforcement of a judgment - at the claimant's request and where justified - if any delay could lead to significant losses or make enforcement impossible.
Background of the Case
Damages and Asset Freezing
On May 15 a court in Moscow upheld the Russian central bank's claim to recover damages from Euroclear related to the freezing of assets worth 18.17 trillion roubles ($254.13 billion).
Euroclear's Position and Planned Appeal
Brussels-based Euroclear said in a statement that it strongly contested the decision and added that it would appeal it.
Concerns Over Legal Process
"This latest development is another deviation of the normal legal procedure in Russia that violates Euroclear's rights to a fair trial. Euroclear is therefore prevented from defending itself fully given the decision to hold the case behind closed doors. Euroclear will appeal the court's decision," the financial services company said on Wednesday.
Court Proceedings and Central Bank's Justification
An arbitration court spokesperson said the central bank's application has not yet been accepted for consideration.
The Russian central bank said it expects the court to swiftly consider its petition.
Protection of Sovereign Assets
“We deem it necessary to take immediate action to protect the interests of the Bank of Russia, including in light of ongoing unlawful actions against sovereign assets and statements by EU officials regarding the potential use of the Bank of Russia’s assets,” the central bank stated. "The petition does not affect Euroclear’s right to appeal the decision issued on 15 May 2026."
Context of the Lawsuit
The central bank filed the lawsuit in Moscow in December 2025 in response to a European Union plan to use Russian sovereign assets frozen in Europe - mostly held in Euroclear - to back a loan to Ukraine.
Additional Information
($1 = 71.5000 roubles)
(Reporting by Elena Fabrichnaya; Editing by Mark Porter)
