Russia sues Euroclear for 200bn euros over frozen assets
Russia’s central bank has filed a lawsuit in Moscow against Euroclear, demanding 18.2 trillion roubles, or about 200 billion euros. The case was reported by the Russian state news agency Tass.
The Bank of Russia says Euroclear, a Belgian-based financial services firm, has acted unlawfully by blocking Russian funds and securities. Around 185 billion euros in Russian state assets are frozen at Euroclear under European Union sanctions following Russia’s invasion of Ukraine. The central bank says the claim covers both the frozen money and income lost because it cannot access it.
Russian media report the bank wants the case heard behind closed doors.
The lawsuit comes at a sensitive moment for the EU. European leaders are this week deciding how to fund support for Ukraine in 2026 and 2027. One key proposal from the European Commission is to use profits from frozen Russian state assets to help Ukraine.
Belgium plays a central role because most of the frozen assets are held at Euroclear in Brussels. The Belgian government has warned about possible legal and financial risks and prefers a common EU loan instead. Italy, Bulgaria and Malta have backed Belgium’s position.
EU foreign policy chief Kaja Kallas said it would be very difficult to move forward without Belgium’s support. She described the use of frozen assets as the “most credible” option but admitted that talks are becoming harder. Commenting on Russia’s legal threats, Kallas said such pressure should not divide the EU and urged member states to stay united.
EU leaders are expected to discuss the issue at a summit later this week.
Euroclear‘s headquarters in Brussels © BELGA PHOTO NICOLAS MAETERLINCK
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