The Bank of Russia is actively developing its legal defense strategy in response to a lawsuit filed by Euroclear in Belgium, according to the central bank's press service.
The regulator confirmed it is aware of the proceedings and is coordinating tactics to counter the clearinghouse's efforts to prevent the enforcement of a prior Moscow Arbitration Court ruling.
The Belgian court case centers on Euroclear's attempt to block the return of approximately 18.2 trillion rubles ($231.5 billion) in assets.
The Moscow Arbitration Court previously ordered the restitution of these funds, a decision that Euroclear is now challenging in European courts.
The lawsuit represents a significant escalation in the legal battle over the ownership and control of Russian state assets held in Western clearing systems.
This development follows Euroclear's initial filing in Belgium, which sought to halt the enforcement of the Russian court's order.