The Euroclear depository organization announced that, despite the ruling of the Moscow Arbitration Tribunal, the assets of the Central Bank of Russia continue to be frozen at Euroclear Bank, TASS reported on May 19.
Euroclear said that the assets of the Central Bank of Russia at Euroclear Bank will still be frozen "in accordance with international sanctions".
This decision is based on the Russian regulator's request to sue Euroclear Bank, which is not recognized under EU law, and "Euroclear does not recognize the jurisdiction of the court".
Euroclear also said it plans to appeal the ruling of the Russian court.
Previously, on May 15, the Moscow Arbitration Tribunal upheld the lawsuit of the Central Bank of Russia against Euroclear Bank to claim compensation of 18.2 trillion rubles (about 251 billion USD, 221 billion euros) in the context that the EU plans to use frozen Russian assets to support Ukraine. This amount includes frozen funds, frozen securities value and lost profits.
The EU and G7 countries have frozen about 300 billion euros of Russian assets. Of these, about 180 billion euros are being kept at the Euroclear depository, Belgium.
The European Commission is seeking consensus from EU member states on the use of Russian assets to support Ukraine.
On May 8, Euroclear said it had transferred 6.6 billion euros of revenue from Russia's asset reinvestment to Kiev since 2024. According to the company's report, the next payment of 1.4 billion euros is expected to be made in July 2026.
Including accumulated interest payments, the company's balance sheet currently records about 200 billion euros related to sanctioned Russian assets.
