Euroclear has petitioned the 9th Arbitration Court of Appeal in Moscow to suspend the enforcement of judicial decisions issued by the first-instance arbitration court regarding the Bank of Russia's claim.
The Belgian depository, which holds a significant portion of Russia's foreign exchange reserves, is seeking to block the execution of the ruling that demands the return of approximately €220 billion ($231.5 billion) in assets.
The appeal comes as the legal dispute over the frozen reserves intensifies.
Euroclear previously filed a lawsuit in a Belgian civil court against the Bank of Russia, aiming to prevent the enforcement of the Moscow Arbitration Court's order.
The dual-track legal strategy highlights the depository's efforts to protect the assets from seizure under Russian jurisdiction while navigating conflicting international legal pressures.
The hearing for Euroclear's appeal in Moscow has been scheduled for July 16.