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- On the active wanted list: how and when will the Central Bank be able to recover €200 billion from Euroclear
On the active wanted list: how and when will the Central Bank be able to recover €200 billion from Euroclear
The Central Bank will be able to apply to foreign courts to recover about €200 billion from the Belgian Euroclear depository, where Russian reserves are blocked, within a week, lawyers interviewed by Izvestia believe. It follows from the explanations of the press service of the Moscow Arbitration Court that the date of the meeting at the request of the regulator should be determined no later than May 24. If the court agrees to the immediate execution of the decision, the Central Bank will begin the recovery process through friendly countries, such as China, Hong Kong or the UAE. However, even in this case, the procedure may take several years, since its outcome will be determined not only by legal norms, but also by political agreements between the countries.
When will the Central Bank receive a decision on collecting money from Euroclear
On May 19, the Moscow Arbitration Court received a request from the Bank of Russia for immediate enforcement of a judgment against Euroclear in the amount of 200 billion euros, or about 18.7 trillion rubles. The lawyers interviewed by Izvestia clarified that in the coming days the regulator may receive a writ of execution and begin to seek recognition of the decision outside of Russia.
—We expect that the court will schedule a hearing at the request of the Bank of Russia in the near future," the Central Bank's press service told Izvestia.
So far, this application has not yet been accepted for production, the press service of the Moscow Arbitration Court told Izvestia. They clarified that the judge makes such a decision within five days from the date of receipt of the application. If it was sent on May 19, the court date should be set no later than the 24th.
Decisions on immediate recovery are not delayed, which means that the Moscow Arbitration Court can issue a ruling within a week, after which the Central Bank will try to implement it through other countries, the head of the international service explained. Razmorozka.com Alexey Bogdanov.
The Bank of Russia filed a lawsuit against Euroclear back in December 2025 — the regulator demanded to recover about 200.1 billion euros in losses, including 181.46 billion euros in direct damage and 18.64 billion euros in lost profits. In mid-May 2026, the Moscow Arbitration Court fully satisfied the requirements of the Central Bank. After that, Euroclear representatives stated that they intend to appeal the decision.
The press service of the Central Bank explained to Izvestia that Euroclear still retains the right to appeal, so the regulator has not yet disclosed its further steps to recover funds.
Why does the Central Bank require immediate recovery of funds
In fact, the regulator is trying to obtain a writ of execution even before the completion of all stages of the appeal by Euroclear, explained Alexey Bogdanov. This is usually not possible: until the appeal is completed, the decision does not enter into final force. Since Euroclear has already confirmed its intention to challenge the ruling, the process may take at least a year.
However, in Russia, the court's decision on recovery allows for immediate execution under article 182 of the Arbitration Procedural Code, financial lawyer Olga Plekhanova recalled. To do this, it must be proved that delay can lead to significant damage or complicate further enforcement of the decision.
"Given the sanctions conflict, the ongoing EU discussions about the fate of Russian assets, the scale of the case and its political significance, the Central Bank's arguments look quite strong," said Evgenia Amelkina, director of the Eastern Legal Alliance.
Even if the writ of execution is issued quickly, this does not mean automatic collection of money, the expert noted. The main difficulties will begin later: the Central Bank will have to look for Euroclear's property and try to foreclose on it. However, there are practically no such assets in Russia.
Indeed, foreigners' funds remain blocked in C-type accounts in the Russian Federation, but the current presidential decrees do not yet allow them to be confiscated, explained Artem Kasumyan, senior associate at the Delcredere Bar Association.
What will the Central Bank do to unlock assets
The next logical step would be an attempt to recognize the Russian court's decision in other countries and look for Euroclear's property there, Olga Plekhanova concluded.
"First of all, these are Hong Kong, the United Arab Emirates, China or other jurisdictions where Euroclear may have assets, accounts, property rights or financial ties," emphasized Alexey Bogdanov from Razmorozka.com .
It is possible that the Central Bank will appeal to the courts of Turkey, India and individual European countries outside the EU, said Natalia Milchakova, a leading analyst at Freedom Finance Global. However, the outcome of such processes will depend primarily on the political position of a particular country.
Even in friendly states, recognition of the Russian decision will not be quick, Olga Plekhanova warned. It is realistic to put two or three years into the process. During this time, the Central Bank will have to prove that the court of the Russian Federation was competent, and the execution of the decision does not contradict local laws.
At the same time, Euroclear's assets in friendly countries are probably insignificant, said Dmitry Lesnov, Deputy General Director for Brokerage Business at Finam. Besides, they are unlikely to want to create a precedent that will complicate their relations with the EU.
Anastasia Feinberg, a consultant at the Estonian Legal Alliance, is sure that the Russian decision will almost certainly not be recognized in the European Union and most Western jurisdictions. Among the reasons are the EU sanctions regime, public order regulations and restrictions on facilitating circumvention of sanctions.
Even if the case is accepted by the court of China or Hong Kong, the question remains whether banks, depositories and intermediaries are ready to participate in the execution of such a decision, Anastasia Feinberg emphasized. This creates additional risks for them in their relations with the EU.
Why the dispute over assets can drag on for years
The dispute over the blocked Russian assets will continue for a long time, Artyom Kasumyan believes. The Bank of Russia's lawsuit is only part of a large international conflict over the frozen reserves of the Russian Federation. For example, discussions are continuing in the European Union about the possible seizure of Russian assets, and the Bank of Russia is trying to challenge the indefinite blocking of reserves in the EU Court.
Until the Ukrainian conflict is resolved, the regulator's chances of recovering even a small portion of the funds remain limited, Natalia Milchakova believes. However, the lawsuit itself and the decision of the Russian court are already creating additional pressure on Euroclear.
The situation for the Central Bank has changed for the better, Evgenia Amelkina confirmed. Previously, the dispute was simply about frozen assets, but now the regulator has a court decision for a specific amount. Such a document can already be used as a legal instrument in negotiations.
The situation is gradually turning into a broader conflict between different legal systems and sanctions regimes, financial analysts concluded. International companies are increasingly having to choose whose sanctions and whose court orders to enforce. Ultimately, a final settlement may require political agreements between States.
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