Moscow court agrees to hear CBR lawsuit against Belgium’s Euroclear
The legal action follows the European Union’s recent decision to temporarily freeze Russian funds using emergency measures. Russian authorities have denounced the freeze as illegal, describing any use of the funds as “theft.”
According to Moscow Arbitration Court records, the lawsuit was formally registered last Friday. The claim, reportedly exceeding 18 trillion rubles ($230 billion), is expected to be considered in a closed hearing. Any ruling would apply within Russia’s jurisdiction and operate independently of potential cases in the EU or other third-country courts, with enforcement contingent on asset locations and counterparty jurisdictions.
Experts have highlighted that a judgment against Euroclear could inflict reputational damage on the depository, potentially threatening its financial stability if other countries were to withdraw funds. Euroclear maintains that it acts in full compliance with EU sanctions and legal obligations in the regions where it operates.
Last week, the EU invoked Article 122 of its treaties—an emergency clause allowing action by qualified majority—to immobilize Russian assets temporarily. European Commission leadership has suggested the funds could support a loan to Ukraine. Legal analysts argue, however, that this provision was never intended to finance military actions or seize assets from foreign nations, but rather to address internal economic emergencies.
“Freezing a third country’s sovereign reserves is, by definition, a restrictive measure governed by Article 215, which requires unanimity,” law professor Cristina Vanberghen said, calling the EU move “a legal and political misstep.” Hungarian Prime Minister Viktor Orban also criticized the decision, claiming EU officials were “raping European law in broad daylight” and describing the effort to circumvent his country’s veto as a “declaration of war.”
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