Euroclear takes frozen assets dispute against Russia to court in Brussels
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Euroclear, a Belgium-based financial market infrastructure provider, has filed a lawsuit against the Bank of Russia in a Brussels commercial court, challenging a Moscow ruling that ordered it to pay 200 billion euros (approximately $230 billion) in damages, Belgian media reported.
The dispute stems from a May ruling by the Moscow Arbitration Court, which sided with the Russian central bank in a lawsuit claiming Euroclear had acted unlawfully in connection with frozen Russian assets and the European Union's consideration of mechanisms to use those assets.
Euroclear argues the Russian court had no jurisdiction over the case and described the proceedings, which were held behind closed doors, as unfair and fictitious, maintaining that the dispute should be heard in Belgium.
A preliminary hearing in the Belgian case took place on June 25, with further proceedings expected in the Brussels court.
Since the start of Russia's full-scale invasion of Ukraine, Western countries have frozen around 260 billion euros ($299 billion) in Russian assets, including roughly 193 billion euros ($222 billion) held by Euroclear in Belgium.
The case could have broader implications for disputes over frozen Russian assets and their use under international sanctions.
On June 18, a bipartisan group of U.S. senators introduced legislation that would allow frozen Russian assets under U.S. control to be used for the purchase of military equipment for Ukraine.
The proposed move would expand existing U.S. authorities, allowing Kyiv to use seized Russian assets to strengthen its military capabilities as Russia's full-scale war continues.
