News

Russian courts have ruled against European central securities depository Euroclear in two separate cases, awarding a combined sum equivalent to nearly 17 trillion rubles in favour of the Bank of Russia and asset management company Pervaya.

On May 15, the Moscow Arbitration Court ruled in a closed hearing on a claim filed by the Bank of Russia in December 2025, relating to the blocking of Russia's international reserves held in accounts at Euroclear following European Union sanctions. The central bank had sought damages of 200.1 billion euros (16.6 trillion rubles at the official exchange rate as of May 20).

Lawyers representing Euroclear confirmed that the claim was granted in full. Court records show that on May 19 the central bank filed an application for immediate enforcement of the ruling. Such an application may be filed under Article 182 of the Russian Arbitration Procedure Code to bypass the standard procedure under which an arbitration court ruling takes effect either after the expiry of a one-month period — if no appeal is lodged — or, if an appeal is filed, upon the decision of the appellate court.

Euroclear has filed an appeal, according to court records.

"We are satisfied with the court's decision, which recognised the unlawful nature of Euroclear's actions causing losses to the Bank of Russia," a central bank spokesperson told journalists.

On May 20, an appellate court upheld a separate claim by Pervaya against Euroclear for damages representing lost income on blocked client securities, awarding nearly 32 billion rubles. The company still intends to pursue the full amount of its losses, equivalent to the value of the blocked assets themselves. "Our next objective is to defend clients' interests at the cassation stage in respect of the claim for damages equal to the value of the blocked assets," said Stanislav Dubovenko, executive director and head of legal affairs at Pervaya.

In April 2025, the Moscow Arbitration Court had dismissed Pervaya's earlier claim seeking recovery of the full value of foreign securities blocked at Euroclear. However, the Supreme Court has called up several similar cases brought by individual investors, and Pervaya said it expects the court to issue its position in the near term on the wrongful denial of such claims.

The Bank of Russia filed its original claim in December 2025, seeking compensation for losses caused by the blocking of Russian sovereign reserves held at the depository. In its statement of claim, the central bank argued that since February 28, 2022, Euroclear had deprived it of the ability to manage its cash, securities and the income derived from them. The central bank characterised Euroclear's conduct in following EU sanctions as acting in bad faith and constituting an abuse of rights.

Separately, a significant portion of Russian investors' assets was frozen at Euroclear following the EU sanctions imposed in February 2022. Pervaya then brought a claim against the depository in a Russian court, seeking compensation for the frozen assets and lost client income.