Russian court upholds $249 billion lawsuit over frozen assets

The Moscow Arbitration Court has granted a lawsuit filed by the Central Bank of Russia against the Belgian depository Euroclear in a closed hearing, in a case linked to frozen Russian assets.

According to The Moscow Times, around €200 billion of Russia’s gold and foreign exchange reserves have been frozen in Euroclear since 2022.

The claim, filed in December 2025, amounts to 18.17 trillion rubles (approximately $249.7 billion), which is roughly half of Russia’s federal budget. The lawsuit was conceived as a response to potential attempts to confiscate the frozen funds. It includes the value of the blocked assets, the value of securities affected by sanctions, as well as lost profits.

The Central Bank of Russia said it was satisfied with the ruling, which recognised the “illegality of the actions of the depository Euroclear, causing losses to the Bank of Russia.” At the same time, Euroclear’s lawyers, Maxim Kulkov and Sergey Savelyev, stated that the court violated the right to a fair trial.

It remains unclear which specific assets Russian authorities intend to recover in order to enforce the ruling. Around €17 billion remains frozen in Euroclear accounts within Russia, but their use for enforcement is currently restricted by a presidential decree.

Authorities are also considering broader measures, including the possible confiscation of foreign property and funds belonging to European citizens and companies.

Earlier, Russian experts indicated that direct investments from countries classified as “unfriendly” could be affected first, including Norway’s sovereign wealth fund and the European Bank for Reconstruction and Development.

By Tamilla Hasanova