Euroclear

Force in Play

Closed-door preliminary hearing in Jan 16 Moscow lawsuit; Russia seeks $232B over frozen €193B assets

Since early December 2025, the war has featured intensified winter ground operations in Kharkiv and Donetsk alongside massive drone and missile campaigns targeting each side's war economies. Russia's February 16-17 barrage of 425 drones and 29 missiles coincided with Geneva talks that concluded February 18 with limited military progress but no political breakthroughs on territorial compromises or security guarantees. Zelenskyy deemed the outcomes 'not sufficient' and requested a follow-up meeting later in February.

Updated May 15

Rule Changes

Custodian of the largest share of immobilised Russian central bank reserves; facing Moscow litigation and retaliation risk

Russia's central bank sued Euroclear in Moscow on December 12, seeking €193.7 billion in damages. Six days later the plan that triggered the lawsuit—using frozen reserves to back Ukraine loans—collapsed at the European Council. Belgium refused the legal risk; the EU pivoted to a €90 billion conventional loan backed by its own budget instead.

Updated May 15