Emerging
May 26, 20262
Moscow court grants Bank of Russia request for immediate enforcement in Euroclear case
A Moscow court has granted the Bank of Russia’s request for immediate enforcement in its case against Euroclear, the central bank said it views as fair. The regulator says the ruling addresses the risk of delay while still allowing Euroclear to appeal.
Quick Facts
- Moscow Arbitration Court granted the Bank of Russia's motion for immediate enforcement
- Bank of Russia said the ruling was fair
- Euroclear lawyers said the hearing was scheduled on short notice
- Bank of Russia filed a motion for immediate enforcement on May 20, 2026
- Bank of Russia filed a lawsuit against Euroclear in December 2025
The Moscow Arbitration Court has granted the Bank of Russia’s request for immediate enforcement of a ruling in its lawsuit against Euroclear, according to lawyers for the Belgian securities depository. The central bank said it considers the decision fair, arguing that the court took into account both the ongoing nature of the alleged violation and the risk that delays could further postpone restoration of its rights.
The Bank of Russia said the ruling does not eliminate Euroclear’s ability to contest the case. In comments cited by TASS, the regulator said Euroclear may challenge both the underlying judgment and the separate decision on immediate enforcement in higher courts.
Euroclear’s lawyers, Maxim Kulkov and Sergey Savelyev, said the hearing on the enforcement request was scheduled with very short notice and left them without adequate time to prepare a defence. TASS reported that the motion to immediately enforce the judgment was filed by the Bank of Russia on May 20.
The dispute is part of a broader legal battle over frozen Russian assets. TASS reported that the Bank of Russia’s December 2025 claim seeks 18.2 trillion rubles, or about $252 billion, against Euroclear, including frozen funds, blocked securities and lost profits. The central bank has also said it is considering international legal avenues to protect its interests, while the EU and G7 continue to debate the use of frozen Russian assets to help finance Ukraine.
Why This Matters
This ruling increases pressure on Euroclear by allowing enforcement to begin before appeals are exhausted, which can affect asset recovery timelines and settlement leverage. For investors, banks, and sanctions-watchers, the case is another signal that disputes over frozen Russian assets are moving through courts in ways that could shape future claims, cross-border enforcement strategy, and the broader debate over how frozen assets may be used to support Ukraine.
Timeline & Sources
May 20, 2026
WireThe Bank of Russia filed a motion asking the court to immediately enforce the judgment in the Euroclear case.
May 26, 2026
WireThe Moscow Arbitration Court granted the Bank of Russia's motion for immediate enforcement.
May 26, 2026
WireThe Bank of Russia said it considered the court ruling fair and said Euroclear could still appeal.