Arbitration Russia

Moscow Arbitration Tribunal Orders Euroclear to Pay Russian Central Bank €217 Billion

Published 2026-06-11 1 source Arbitration Asset Freeze Award Enforcement Financial Sector Russia Russia

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TL;DR

  • The Moscow Arbitration Tribunal ruled against Euroclear in mid-May.
  • Euroclear was ordered to pay €217 billion in damages to the Bank of Russia.
  • The case concerns the freezing of Russian assets in the EU after the Ukraine conflict.
  • Euroclear disputes the ruling's recognition under EU law and has appealed.

Overview

A Moscow arbitration tribunal has ruled that Euroclear must pay the Russian Central Bank 18.2 trillion rubles (approximately €217 billion) in damages. The order relates to Euroclear's freezing of Russian assets held within the European Union, which was implemented following the onset of the war in Ukraine. Euroclear contests the Russian decision and maintains that the ruling is not recognized under European Union law. The report comes from RTBF and cites Bloomberg.

What Happened

In mid-May, a Moscow-based arbitration tribunal ordered Euroclear, a Brussels-based financial institution, to pay substantial damages to the Russian Central Bank.

The tribunal's decision allows the Russian Central Bank to seek enforcement of the €217 billion damages award either in Russia or in a country aligned with Moscow.

Euroclear has appealed the order, challenging its validity and arguing that such actions against it in Russia are not recognized under EU law.

Russian assets held in Euroclear remain frozen in compliance with international sanctions following the Russian invasion of Ukraine.

Context

International sanctions led to the freezing of Russian assets held in Europe after Russia's invasion of Ukraine.

The Russian Central Bank is seeking compensation for the loss of access to these assets as a result of the freeze.

Legal actions by Russian entities in domestic courts and arbitral tribunals are not recognized or enforced under EU law, according to Euroclear.

Why It Matters

  • The case highlights the legal and financial complexities arising from international sanctions and asset freezes.
  • It underscores the divergent legal approaches between Russian and European jurisdictions on the recognition and enforcement of such arbitral awards.
  • The €217 billion amount makes this one of the largest damages demands linked to sanctions disputes.

Sources

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