Moscow cassation court upholds €200 billion Euroclear recovery

A Moscow cassation court has upheld rulings ordering Euroclear to pay the Bank of Russia 18.2 trillion rubles, rejecting the Belgian depository's appeal in the central bank's suit over its frozen reserves.

Why it matters: The judgment, equivalent to the €200.1 billion loss the Bank of Russia claimed on its immobilised assets, cannot be enforced against Euroclear in Belgium, but it hardens the legal standoff over the frozen reserves as the European Commission pursues its own plans for the assets.

Data as of Interfax report of October 22, 2026, read in full in Russian; Kommersant, RIA Novosti and TASS carried the same outcome. The case is heard in closed session and the court documents are not published, and no Euroclear statement was available, so the account rests on Russian reporting of the court file. Developing item.

The Moscow District Arbitration Court, sitting in cassation, upheld the lower courts’ decisions ordering Euroclear to pay 18.2 trillion rubles to the Bank of Russia and rejected the depository’s complaint, according to the court file reported by Interfax. The cassation court had refused on September 30 to suspend enforcement, an appeals court rejected Euroclear’s challenge on July 16, and the first-instance court granted the central bank’s claim in full on May 15, with immediate execution ordered on May 26.

The Bank of Russia sued Euroclear in Moscow on December 12, 2025, putting its losses across all asset types at €200.1 billion (18.173 trillion rubles at the official rate on December 1, 2025) and tying the claim to the freezing of its reserves and to European Commission plans to immobilise the funds indefinitely and use the assets for transfer to third parties. Roughly $300 billion of Russian reserves were frozen by the EU, the US and other countries in spring 2022.

Moscow cassation court upholds €200 billion Euroclear recovery

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