A lawsuit against the Bank of Russia has been filed in a Belgian court

The Belgian depository Euroclear has filed a lawsuit against the Central Bank of Russia in the Brussels Commercial Court, writes The Brussels Times, citing the Belgian newspaper L’Echo.

In mid-May, the Moscow Arbitration Court fully satisfied the Bank of Russia’s claim against the Belgian depository Euroclear Bank for the recovery of 18.17 trillion rubles in damages. The court took just over five months to consider the case. The Central Bank filed the lawsuit in December 2025. The regulator sought to recover from Euroclear losses caused by the blocking of Russia’s international reserves held in the depository’s accounts.

Later, Euroclear filed an appeal with the Moscow Arbitration Court in the case of recovering funds under the Central Bank’s claim.

In its lawsuit, Euroclear claims that the Russian court was not authorized to consider the case.

The depository’s lawyer called the proceedings “unfair.” Euroclear emphasizes that only a Belgian court has the right to consider the case.

The Central Bank’s press service reported that the regulator is aware of Euroclear’s lawsuit and is developing a strategy and tactics for defense in court.

After the European Union imposed sanctions in February 2022, a significant portion of Russia’s gold and foreign exchange reserves was blocked. Euroclear is the largest holder of such cash balances. Russian authorities have repeatedly stated that they view the freezing of these assets as a violation of the state’s property rights.

In substantiating the claim, the Bank of Russia stated that since February 28, 2022, Euroclear has deprived the regulator of the ability to manage funds, securities, and income from them. The Central Bank regarded the depository’s actions, which followed European Union sanctions, as bad faith conduct and abuse of rights.

Source: RBC