The Russian Central Bank (RCB) has initiated legal proceedings against Belgian firm Euroclear, the main custodian of Russia’s frozen assets in Europe, in Moscow.
During the preliminary hearing at Moscow’s arbitration court, the RCB accused Euroclear of causing "damage" by preventing it from managing its own "liquid assets and securities".
Judge Anna Petroukhina ruled that the proceedings would be conducted behind closed doors, citing the RCB’s request to "protect banking confidentiality".
This decision angered lawyers representing dozens of private investors whose frozen assets are held by Euroclear. They had sought to participate in the trial but were excluded from the session.
Russian state media reported the disputed amount includes frozen assets and compensation for lost profits, totalling 18.2 trillion roubles (approximately €200 billion at the current exchange rate).
The freezing of these assets was implemented as part of Western sanctions against Moscow following its large-scale invasion of Ukraine in February 2022.
EU Commission President Ursula von der Leyen, Prime Minister Bart De Wever and German Chancellor Friedrich Merz pictured during a meeting in Brussels abour frozen Russian funds, on Friday 05 December 2025. Credit: Nicolas Maeterlinck/Belga
Russia has condemned the sanctions as illegal under international law and characterised measures targeting Russian companies as unfair competition.
The lawsuit against Euroclear was announced in December when the European Union was debating the use of frozen Russian funds to financially support Ukraine.
That proposal ultimately faced opposition from several countries, including Belgium. The EU decided to pursue a loan backed by its common budget instead of seizing Russian assets.
Moscow denounced the EU’s attempts to use these funds, calling them "theft" and warning of "serious consequences" if such actions were carried out.
Russian officials hinted at possible seizures of European-owned assets within Russia and plans to pursue legal action in international courts.
