Russia sues Euroclear for $235 billion in closed-door Moscow trial

Friday 16 January 2026 - 12:20

By: Dakir Madiha

Russia sues Euroclear for $235 billion in closed-door Moscow trial

A Moscow court has begun proceedings in a massive lawsuit filed by Russia's central bank against Belgium-based Euroclear, seeking 18,200 billion rubles around $235 billion for sovereign assets frozen in Europe since Moscow's 2022 invasion of Ukraine. The presiding judge ordered journalists out of the courtroom and ruled the case would proceed behind closed doors, granting the central bank's request to safeguard banking secrecy. Lawyers for Euroclear urged dismissal at the outset, while the bank's team pushed for privacy citing restricted data like SWIFT statements protected under Russian law.

This trial stands as one of history's largest legal battles, signaling Russia's formal pushback against European moves to tap its frozen reserves for Ukraine aid. The central bank lodged the claim in Moscow last December, shortly after the European Union opted to indefinitely freeze about 210 billion euros in Russian state assets held across the continent, eliminating the need for six-month renewal votes. Euroclear, the Brussels-based securities depository, holds the bulk roughly 185 billion euros.

The EU had mulled using these funds to back a "reparations loan" for Ukraine's military and civilian needs in 2026 and 2027, but Belgium's concerns over potential Russian legal retaliation scuttled the plan. Instead, the bloc will borrow separately to provide up to 90 billion euros in loans to Kyiv.

Legal experts predict that a win for Russia could prompt enforcement attempts against Euroclear's assets in so-called friendly jurisdictions like China, the United Arab Emirates, Hong Kong, and Kazakhstan. Euroclear holds no seizable assets in Russia but acknowledges exposure to about 16 billion euros there vulnerable to countermeasures. Fitch Ratings placed the firm under "rating watch negative" last December over heightened legal and liquidity risks from the frozen Russian funds dispute.

At least 27 private Russian investors have sought to join as third parties by January 15, per Izvestia, though analysts doubt individuals would benefit even if approved, as any favorable ruling would favor the central bank.