Euroclear said on Friday it would appeal a Russian court ruling ordering the Brussels-based financial institution to pay more than €200 billion in damages claimed by Russia’s central bank over assets frozen following Moscow’s invasion of Ukraine.
A Moscow arbitration court ruled in favour of the Russian Central Bank over Russian assets immobilised under European Union sanctions. Euroclear said the claims were unfounded and had “no legal standing” under EU law.
The company added that it did not recognise the jurisdiction of Russian courts in such cases and said the ruling would not affect its operations or financial position.
Euroclear, which holds the majority of frozen Russian state assets located in Europe, has become central to the dispute over the future of the funds as European governments debate how they could be used to support Ukraine.
Belgium, where around €210 billion in Russian assets are held at Euroclear, has repeatedly warned against outright confiscation without broader European guarantees against possible legal and financial retaliation from Moscow.
The issue has exposed divisions within the European Union, with Hungary among the countries warning that seizing Russian state assets could violate international law and trigger economic retaliation from Russia.
