Moscow court orders Euroclear to pay about 18.2 trillion rubles

A Moscow arbitration court has ruled in favor of Russia’s central bank in a damages lawsuit against Euroclear, the Brussels-based financial clearing house that holds much of the Russian state assets frozen by the European Union after the full-scale invasion of Ukraine in February 2022. The court ordered Euroclear to pay about 18.2 trillion rubles, widely described as roughly 250 billion, for losses the central bank said resulted from restrictions that prevented Russia from managing and disposing of the assets.

Euroclear said it would appeal the ruling. The company rejected the claim, saying it had no legal standing under EU law and that it does not recognize Russian courts’ jurisdiction in such matters. A spokesperson for Euroclear said the decision does not affect its operations or financial position. Lawyers for Euroclear also said the case was decided behind closed doors and argued that the clearing house’s right to a fair trial was violated, with the intention to appeal described as continuing.

Russia’s central bank said it welcomed the decision and characterized it as recognizing Euroclear’s actions as unlawful, while also indicating the outcome was not final. The central...