and upheld the Moscow Arbitration Court's decision on the Bank of Russia's claim against the Belgian depository for 18.2 trillion rubles. This follows from the arbitration case file.

The case was heard behind closed doors.

The Bank of Russia filed a lawsuit against Euroclear in December 2025, demanding compensation for damages and lost profits due to the inability to manage frozen securities and cash totaling €200.1 billion (18 trillion rubles). These funds were blocked after February 2022 in response to Russia's military actions in Ukraine. The Moscow Arbitration Court upheld the claim in full. The case was initially conducted behind closed doors: the Central Bank's motion to that effect was granted in January 2026. The regulator argued that this was necessary to protect information related to the asset block.

The lawsuit was filed amid discussions in the EU about the possible use of frozen Central Bank assets to finance a loan to Ukraine—most of these funds are held in Euroclear. Ultimately, the EU abandoned this scheme and decided to raise funds through borrowing on capital markets, secured by the Union's budget reserve.