Euroclear rejects Moscow court's $250 billion ruling in favor of Russia's Central Bank

"We are aware that the Moscow Court of Arbitration has handed down a judgement favouring the Central Bank of Russia in its claim against Euroclear Bank ," the company said. “Euroclear strongly contests this claim, which is without merit. This is the latest in a series of legal claims brought against Euroclear in Russia. Such claims are not recognised under EU law and Euroclear does not recognise the court’s jurisdiction. Euroclear will appeal the court’s decision.”

The depository stressed that the Moscow ruling has no impact on its operations or financial position. Russian Central Bank assets held at Euroclear Bank remain frozen in accordance with international sanctions.

The Moscow Arbitration Court ruled on May 15 in a closed hearing, siding with Russia's Central Bank against Euroclear, where approximately 200 billion euros ($232 billion) in Russian foreign currency reserves have been frozen since 2022.

The lawsuit was filed in December 2025 for 18.17 trillion rubles — roughly $250 billion at current exchange rates, or approximately $230 billion at the time of filing — equivalent to about half of Russia's annual federal budget. The Central Bank's claims included the value of the frozen funds, sanctioned securities and lost revenue.