Euroclear, the Brussels-based clearing house, has launched legal action against Russia’s central bank in a Belgian civil court.
The move aims to block the enforcement of a Russian ruling that demands Euroclear pay approximately €220 billion in damages for freezing Russian assets under European Union sanctions.
The financial institution, a key custodian in the region, asserts it was merely complying with EU regulations when it froze the assets.
“We consider the Russian courts do not have jurisdiction over Euroclear,” spokesperson Jorgen Muylaert stated on Tuesday. “Only Belgian courts have jurisdiction that is relevant to us.”
Last month, a Moscow arbitration court ordered Euroclear to pay the substantial damages. A request for immediate enforcement of this ruling was granted days later, although no practical steps have yet been taken to implement it.
Responding to the lawsuit, the Bank of Russia confirmed its awareness. “The Bank of Russia is aware of the lawsuit by Euroclear,” the central bank said on Tuesday.
“A strategy and tactics for defence in court are currently being developed.”
As Russian courts have no jurisdiction in the EU, the Moscow court’s decision is likely to carry more symbolic than practical weight, with EU law effectively shielding Euroclear for complying with sanctions.
However, the Russian central bank could seek to seize Euroclear assets in other jurisdictions, particularly in countries Russia views as friendly, including China, the United Arab Emirates and Kazakhstan.
“We do not want to speculate what the next steps for the Russian central bank will be,” Muylaert said, though he acknowledged the central bank had already threatened to seize Euroclear assets outside the EU.
Of roughly €300 billion in Russian foreign assets frozen abroad, about two-thirds are in Europe, mostly held at Euroclear.
The lawsuit in Moscow was lodged in December 2025, when EU leaders were considering seizing part of the frozen Russian assets to finance the Ukraine war effort.