Bank of Russia files RUB 18 trillion lawsuit against Euroclear
The Central Bank of Russia has filed a lawsuit against the Euroclear depository (Belgium) in the Moscow Arbitrazh (Commercial) Court. The regulator is seeking compensation for losses caused by the freezing of Russian sovereign assets and their planned use to aid Ukraine. The Central Bank announced the filing of the lawsuit on 12 December.
"In light of the illegal actions of Euroclear depository, causing losses to the Bank of Russia, and in light of the mechanisms for direct or indirect use of the Bank of Russia's assets being officially considered by the European Commission . . . , a statement of claim is being filed with the Moscow Arbitrazh (Commercial) Court against Euroclear depository to recover the losses caused to the Bank of Russia," the regulator said in a statement.
The Central Bank emphasises that it has suffered damage due to its inability to control its assets and securities. The Central Bank wants the lawsuit to be heard in closed session, RBC reports, citing informed sources.
On 15 December it transpired that the amount of the claim was RUB 18.17 trillion (about €196 billion at the Central Bank's exchange rate on 12 December). As the Central Bank explained, the damages consist of the amount of the Bank of Russia's blocked funds, the value of the blocked securities, and lost profits.
On 12 December, most EU countries supported the indefinite freezing of the Russian assets until Russia, as stated in the adopted EU regulation, ceases its military operation and pays compensation to Ukraine. Responding to the EU's impending decision, the Central Bank stated that it "reserves the right, without further notice, to proceed with the practical implementation of all available legal and other mechanisms to protect its interests in the event of further progress or any form of implementation of the initiatives under discussion." The Bank of Russia also announced it would challenge the actions of the European authorities "in all available competent bodies" — national courts, including those abroad, and international courts.
Experts point out that the Bank of Russia also has the option of initiating arbitration proceedings against Belgium under a bilateral investment protection agreement with that country.
The international depository Euroclear, based in Belgium, is the largest holder of frozen Russian reserves in Europe. The procedure for indefinitely freezing the Russian reserves precedes a possible decision to issue a "reparations loan" to Ukraine. At its 18–19 December meeting, the EU Council will have to choose one of two options for financing Ukraine in the coming years. The first option is to raise loans on the financial market guaranteed by the European budget. The second is that all EU financial institutions, including central depositories, that hold Russian assets will be required to invest this money in a special EU debt instrument that will be used to grant Ukraine a "reparations loan." The maximum amount of this loan is €210 billion, which corresponds to the total of Russia's frozen reserves in Europe.
Euroclear admitted that Moscow's retaliatory measures could cause it to lose €16 billion in assets under its management in Russia.
In November 2025, the State Duma issued an address to the government calling for retaliatory measures if the European Union decides to confiscate the Russian reserves. The address, along with claims for damages against Euroclear and/or Belgium, also mentioned compensation for damages using the assets of non-residents from unfriendly states.