Russia Launches $230 Billion Lawsuit Against Euroclear Over Frozen Assets

Russia’s central bank has lodged a claim in a Moscow court seeking $230 billion in damages from Euroclear, the Belgium-based financial services company that holds a large share of Russian assets immobilised by Western sanctions. The filing marks the first formal move in what the Kremlin has warned could become a prolonged and complex legal confrontation with the EU.

The dispute centres on Russian central bank assets frozen in Europe following Moscow’s full-scale invasion of Ukraine in 2022. European authorities estimate that around €210 billion worth of these assets are currently held within the EU, much of it at Euroclear. Brussels has been exploring ways to use the proceeds or underlying value of those assets to support Ukraine, including plans to back a loan for Kyiv’s military and civilian needs during 2026 and 2027.

Moscow has strongly condemned those proposals, repeatedly describing any use of the assets as unlawful and amounting to “theft.” Russian officials have warned that retaliatory measures would follow if the EU proceeds with its plans. The lawsuit against Euroclear is seen as a concrete manifestation of those warnings, signalling that Russia intends to challenge the freeze and any subsequent use of the funds through legal channels.

While the EU maintains that its approach is legally sound and aimed at helping Ukraine recover from the war’s devastation, Russia argues that the seizure and potential deployment of central bank assets violate international law and financial norms. By targeting Euroclear, a key intermediary in global financial markets, the Kremlin appears to be escalating the dispute beyond political rhetoric into the courtroom.

The case is likely to be closely watched by governments, financial institutions and investors worldwide. Its outcome could set important precedents on the treatment of sovereign assets during conflicts and sanctions regimes. As Europe moves forward with plans to support Ukraine and Russia signals its readiness to fight back legally, the lawsuit underscores how the economic fallout of the war is increasingly spilling into the global legal and financial system.