Belgium-based Euroclear Bank has appealed a compensation ruling of approximately 32 billion rubles issued against it in Russia. The appeal was submitted to the Moscow Arbitration Court on July 29 and will be forwarded along with the case file to the Moscow District Arbitration Court.
In May, the Ninth Appellate Court partially upheld the lawsuit filed by UK 'Pervaya' (formerly 'Sber Asset Management') and ordered Euroclear Bank to pay 32 billion rubles in compensation. The plaintiff company had sought a total of approximately 34.4 billion rubles for lost income and management fees from securities frozen by Euroclear due to international sanctions.
The court ordered Euroclear to pay compensation in the following items: over $300.4 million and more than €31.9 million in dividends, coupon payments, and redemption income from securities; plus smaller amounts in Australian, Canadian, Swiss, British, Hong Kong, Japanese, Norwegian, Danish, and Swedish currencies. Additionally, approximately $86.8 million for lost reinvestment income, and 983 million rubles and $3.6 million for the plaintiff's asset management fees. The total of these figures amounts to approximately 32 billion rubles at the exchange rate on the date of the ruling.
The case had previously gone through different stages. In May 2025, the Moscow Arbitration Court partially upheld the same lawsuit and ordered Euroclear to pay 15.8 billion rubles. However, the Ninth Appellate Court reconsidered the case, citing procedural violations in the lower court's decision. At the March hearing, the plaintiff company increased its claim from approximately 19 billion rubles to 34.4 billion rubles, and the appellate court, acting as a court of first instance, partially granted this claim.
UK 'Pervaya' initially filed the lawsuit in July 2023, seeking both the value of the blocked securities and the lost income. In March 2024, at the defendant's request, the court separated the claim for the securities' value into a separate case. This claim, amounting to approximately 130 billion rubles, was rejected by two court instances and is currently under appeal by the plaintiff.
