Euroclear has filed a lawsuit in a Belgian civil court against the Bank of Russia, seeking to block the enforcement of a Moscow Arbitration Court ruling that demands the return of approximately €220 billion ($231.5 billion) in frozen assets.
The move marks a significant escalation in the legal battle over the fate of Russian sovereign reserves held in Western clearing systems following the imposition of sanctions.
The central bank of Russia is actively developing a legal defense strategy in response to the filing, according to its press service.
Euroclear spokesperson Jorgen Muylaert stated that the institution believes Russian courts lack jurisdiction over the Belgian depository, asserting that only Belgian courts have the authority to adjudicate matters concerning Euroclear's operations and assets.
The lawsuit aims to prevent the execution of the Moscow ruling, which orders the return of 18.2 trillion rubles in assets.
This legal confrontation underscores the deepening rift between Western financial infrastructure and Russian state institutions, with Euroclear positioning itself to protect the integrity of its clearing services against extraterritorial claims.