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The company disputes the validity of Moscow’s claims and asserts that only Belgian courts have jurisdiction over this matter, BelgaNews reports.
A preliminary hearing in the case has already taken place. The lawsuit is Euroclear’s response to a legal proceeding in Russia, where a Russian court ordered the company to pay approximately €220 billion in compensation at the request of the Central Bank of Russia.
Euroclear asserts that the Russian court lacked the authority to hear this dispute. Company representatives believe that such claims should be heard exclusively within the Belgian legal system, since the entity managing the assets is registered in Belgium.
Dispute Over €200 Billion in Russian Funds
Euroclear holds a significant portion of Russian assets that were frozen following the imposition of European Union sanctions in connection with the war in Ukraine.
According to the company, the amount in question is approximately €200 billion in Russian funds. These assets remain frozen in accordance with the EU sanctions regime.
The publication notes that the Central Bank of Russia had previously filed a lawsuit in a Russian court seeking damages from Euroclear related to the inability to dispose of the assets. Moscow estimated its claims at approximately 18.2 trillion rubles, which amounts to about €200 billion.
As Logos Press previously reported, in May 2026, a Russian court ruled in favor of the Bank of Russia, ordering Euroclear to pay compensation.
The Belgian depository did not recognize the Russian court’s decision and announced its intention to appeal it, while the European Commission pledged its full support for Euroclear.
Will the Euroclear case set a precedent?
The conflict surrounding Euroclear goes beyond the scope of a single court case and is linked to the broader issue of the use of frozen Russian state assets.
The European Union has discussed the possibility of using the proceeds or the assets themselves to support Ukraine. At the same time, the legal status of such transactions remains a subject of dispute among European institutions, member states, and the Russian side.
For the EU’s financial system, the case has additional significance, as Euroclear is a key infrastructure of the global securities market. Any decisions regarding Russian assets could have implications for property protection, legal certainty, and the confidence of international investors, according to financial market analysts.
Euroclear maintains that the Russian court rulings have no legal force under EU law and that Moscow’s claims are unfounded. The Russian side, in turn, considers the freezing of assets to be illegal and is seeking compensation.
The case’s future will depend on the decisions of the Belgian court and any potential appeals. The dispute remains one of the largest international financial and legal conflicts related to sanctions against Russia.
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