Euroclear said it plans to continue its legal response in Belgium after a Russian court rejected its latest appeal over immobilized sovereign assets, as costs from Russian sanctions and countermeasures reached €233 million through September.
The company’s third-quarter results recorded the rejection of its cassation appeal on Oct. 22. Anadolu Agency identified the court as the Moscow District Arbitration Court. The results said the Moscow Court of First Instance ruled for the Bank of Russia on May 15, and an earlier appeal was rejected July 16.
The Bank of Russia filed its damages suit in the Moscow City Arbitration Court on Dec. 12, 2025, arguing it could not use funds and securities held by Euroclear. The case concerns Russian sovereign assets immobilized under European Union sanctions. Euroclear has said it rejects the Russian court’s jurisdiction, that EU law does not recognize claims of this kind and that the central bank’s case is baseless.
Euroclear’s results put Russian holdings frozen under sanctions at €204 billion within Euroclear Bank’s €244 billion balance sheet at Sept. 30. At June 30, the holdings were valued at €202 billion within a €241 billion balance sheet. The company also reported €2.3 billion in first-half interest earnings from the sanctioned assets, down 13% from a year earlier.
From January through September, Euroclear recorded €233 million in direct costs from Russian sanctions and countermeasures. That total included €162 million in provisions for Russian court claims; the company separately reported €27 million in lost business income. In the first half, direct costs were €146 million and lost income was €18 million, according to EconoTimes’ earlier report on sanctions-related costs.
Euroclear said it would continue contesting the matter in Belgian courts.
