Moscow cassation court rejects Euroclear appeal in €200 billion Bank of Russia case

The Arbitration Court of the Moscow District left the first-instance and appeal decisions unchanged and dismissed Euroclear's cassation appeal, according to the case file quoted by Iz.ru. Brussels Morning reported the closed session took place on 22 October.

Brussels Morning reported the judgment concerns about 18.2 trillion roubles, equivalent to roughly €200 billion at the valuation cited in the proceedings, and that the ruling does not automatically establish an enforceable liability in Belgium. Euroclear disputes the Russian courts' jurisdiction and says its actions comply with EU sanctions legislation.

Euroclear contests Russian jurisdiction

In a statement on 18 May 2026, three days after the 15 May 2026 first-instance ruling, Euroclear said Russian court claims "are not recognised under EU law" and that it does not recognise the Moscow court's jurisdiction. It called the claim "without merit" and said it would appeal. It said the ruling had no impact on its operations or financial position and that Russian central bank assets held at Euroclear Bank remained frozen under international sanctions.

How the case reached this point

NV reported the Bank of Russia filed the claim in December 2025, seeking 18.17 trillion roubles, roughly $250 billion at current exchange rates or about $230 billion when the claim was filed, equivalent to about half of Russia's annual federal budget. The claim covered the frozen funds, sanctioned securities and lost revenue.

The Moscow Court of First Instance ruled for the Bank of Russia on 15 May 2026 in a closed hearing. Euroclear appealed, and the appeal was rejected on 16 July 2026, Brussels Morning reported. About €200 billion ($232 billion) in Russian foreign currency reserves has been frozen at Euroclear since 2022, NV reported.

What the dispute has cost

Euroclear reported €146 million in direct costs associated with Russian sanctions and countermeasures in the first half of 2026, according to results published on 17 July. It also recorded €18 million in lost business income over the same period. Brussels Morning noted the figures reflect the wider financial consequences of sanctions and Russian countermeasures, not legal expenses alone.

The company reported adjusted net profit of €676 million for the first six months of 2026, a 12% increase on the previous year. According to its first-half financial report, €202 billion of its €241 billion balance sheet at the end of June 2026 related to sanctioned Russian assets, and it earned €2.3 billion in interest from those assets during the six months. Brussels Morning reported Euroclear had made about €6.6 billion in cumulative windfall contributions by July 2026, with another payment estimated at €1.4 billion scheduled for that month.

Where the fight goes next

Euroclear has gone to Belgian courts to block enforcement of the Russian judgment. Euroclear told Belgian outlet Apache that Belgium had authorised it to "debit an equivalent amount of the sanctioned Russian accounts to compensate customers whose cash had been purchased in Russia", in line with EU regulation 269/2014. Apache reported on 15 October that in April 2025 Euroclear compensated $3 billion from its holdings of Russian investors' assets. The Kyiv Independent reported that Article 5 of that regulation allows EU countries to unfreeze assets in certain circumstances, and that a European Commission spokesperson mentioned the same article in the Belgian situation reported by Apache.

Brussels Morning reported the Bank of Russia has separately challenged an EU sanctions regulation at the EU General Court, arguing the restrictions interfere with its legal rights.