Bank of Russia challenges EU rules blocking $230 billion Euroclear claim

The Bank of Russia has filed a challenge with the General Court of the European Union against a regulation that prevents the recovery of approximately 200 billion euros ($229.8 billion) from the Belgian-based depository Euroclear. The central bank claims the EU regulation is a direct attempt to interfere with ongoing legal proceedings in Belgium and prevent the enforcement of a Moscow Arbitration Court ruling against Euroclear.

In a separate but related legal development, Belgium’s Council of State ruled that the country’s treasury department lacked the legal competence to refuse the release of frozen Russian assets. This ruling stems from a 2023 request by Russia’s BCS Bank to unfreeze securities and cash held at Euroclear following sanctions imposed in 2022. While the court found the treasury's rejection of the request was illegal, the ruling does not automatically guarantee the release of the funds. Belgian officials stated they are currently analyzing the judgment and its potential consequences.