Euroclear has filed a lawsuit in Belgium against the Bank of Russia, seeking to prevent the enforcement of a Moscow Arbitration Court ruling that orders the return of 18.2 trillion rubles ($231.5 billion) in assets.
The move marks a significant escalation in the legal battle over the frozen reserves, as the global depository attempts to shield the funds from repatriation under Russian jurisdiction.
The litigation underscores the deepening legal fragmentation between Western financial infrastructure and Russian state institutions.
By challenging the Moscow court's decision in a Belgian forum, Euroclear is testing whether European courts will recognize the Russian ruling or uphold the depository's refusal to release the assets.
This legal maneuvering adds another layer of complexity to the ongoing dispute over the fate of Russia's central bank reserves held abroad.
The case highlights the risks facing international financial intermediaries caught between conflicting sovereign claims.