The Euroclear depository has filed a lawsuit against the Central Bank of Russia in a Belgian civil court in an attempt to block the enforcement of a Russian court ruling. Reuters reports, writes UNN.
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The depository is seeking to block a Russian court ruling that obliges it to pay approximately 220 billion euros in compensation for damages related to the freezing of Russian assets under EU sanctions.
Euroclear, based in Brussels and one of the main clearinghouses and asset custodians in the region, stated that by freezing the assets, it complied with EU rules.
"We believe that Russian courts do not have jurisdiction over Euroclear. Only Belgian courts have jurisdiction over us," said spokesperson Jorgen Muylaert.
Since Russian courts have no jurisdiction in the EU, the Moscow court's ruling is likely to be more symbolic than practical, as EU legislation effectively protects Euroclear for complying with sanctions.
However, the Russian central bank may attempt to seize Euroclear's assets in other jurisdictions, particularly in countries that Russia considers friendly, including China, the United Arab Emirates, and Kazakhstan.
"We do not want to speculate on what the Russian central bank's next steps will be," Muylaert said, although he acknowledged that the central bank has already threatened to seize Euroclear's assets outside the EU.
Of the approximately 300 billion euros in Russian foreign assets frozen abroad, about two-thirds are in Europe, primarily within the Euroclear system.
The lawsuit in Moscow was filed in December 2025, as EU leaders were considering the possibility of confiscating part of the frozen Russian assets to fund military operations in Ukraine.