Russia is considering the possibility of initiating legal proceedings against the depository Euroclear in courts outside the country due to the freezing of Russian assets. This information was confirmed to the Ria Novosti agency by the Russian Ambassador to Belgium, Denis Gonchar. The Russian side considers the actions of European financial structures to be illegal in nature and a violation of fundamental principles regarding property protection. Moscow makes it clear that it does not intend to leave such actions unanswered, as they are described as a systematic assault on both the sovereign and commercial assets of the Russian state.
Respect for International Law
The official Russian position on the issue was presented in detail in announcements from the Bank of Russia, published on December 12, 2025. These emphasize that the freezing of assets contradicts both international law and the contractual obligations undertaken by European depositories within the framework of their operations. On the same day, the Russian regulatory authority announced the filing of a lawsuit in the Arbitration Court of Moscow against Euroclear, seeking compensation for damages suffered by the Central Bank of Russia. The amount of damages is estimated at 18.2 trillion rubles—a figure characterized as unprecedented in global judicial history. The first hearing took place on January 16, with the court deciding to conduct the case behind closed doors. This choice was justified by the sensitivity of the data being examined and the breadth of the financial interests at stake.
International lawsuits
At the same time, the Russian side has made it clear that the case may not be limited to Russian jurisdiction. An evaluation of the feasibility of appeals to foreign courts is underway, should this be deemed necessary for the effective defense of Russian interests. Additional legal standing for the Russian moves was provided by the presidential decree signed by Vladimir Putin on September 30, 2025. The document defines a new regime for the management of foreign capital under federal ownership. This mechanism is directly linked to the need to safeguard national interests under conditions of potential hostile actions by Western states. According to the Russian approach, the country has now formed an institutional and legal framework that allows it to react not fragmentarily, but systematically and based on its internal legislation.
What the case involves
The roots of the conflict date back to 2022, when European countries imposed sanctions against the National Settlement Depository (NSD). As a result, funds and securities of Russian clients were frozen in NSD accounts held at the European depositories Euroclear and Clearstream. In this context, a multitude of Russian banks, businesses, and individuals appealed to Russian courts with lawsuits against the Belgian Euroclear Bank and the Luxembourgish Clearstream Banking. The current situation, according to Russian estimates, reflects a deep crisis in the previously dominant model of international financial relations. The use of critical market infrastructure as tools of political pressure is considered to undermine the fundamental rule of neutrality for clearing and settlement systems.
Right to protection
From this perspective, Russia's moves are presented as logical and expected. The state is attempting to protect its assets and simultaneously create legal precedents that may affect the balance of power in the global financial system. The adoption of a consistent judicial strategy is aimed not only at claiming specific compensations but also at sending a broader message: that the arbitrary freezing of property under the pretext of sanctions cannot be tolerated. Russia's legal and judicial actions are part of a comprehensive strategy to protect the country's sovereign assets and restore the principles of legality in the international financial environment.
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