A Russian court on Friday ordered Belgian financial services group Euroclear to pay approximately $250 billion in damages in connection with the freezing of Russian assets in the European Union following Moscow’s full-scale invasion of Ukraine.
According to a statement issued by the Moscow Court of Arbitration, the court upheld a claim filed by the Russian Central Bank seeking recovery of 18.2 trillion rubles from Euroclear. The ruling marked a major escalation in the legal dispute surrounding frozen Russian reserves held in Europe since the war in Ukraine began more than four years ago.
However, Euroclear rejected the court’s decision and stated that it did not recognise the jurisdiction of Russian courts in the matter. A spokesperson for the Belgian-based financial group described the claims as “without merit” and confirmed that the company would appeal the ruling. The spokesperson further stated that Euroclear’s financial position and operations remained unaffected by the decision.
Meanwhile, the Russian Central Bank welcomed the judgment and said the court had recognised Euroclear’s actions as unlawful. Nevertheless, Russian officials acknowledged that the ruling was not yet final and could still face further legal proceedings.
Legal analysts noted that Russia has limited options for enforcing the decision internationally because Russian court rulings generally lack jurisdiction outside the country. Experts also pointed out that Moscow faces significant legal challenges in pursuing the case within European courts.
The European Union froze tens of billions of euros belonging to Russia’s international reserves after the Kremlin launched its military offensive against Ukraine. A substantial portion of those assets remains under the control of Euroclear, a major clearing house responsible for handling financial transactions and deposits.
Russia has repeatedly condemned the freezing of its assets as unlawful and initiated legal action against Euroclear after the European Union considered using the frozen funds to support financial assistance programmes for Ukraine.
