Russian central bank challenges EU restrictions
A lawsuit filed by the Bank of Russia challenges Council Regulation No. 2026/1848 at the General Court of the European Union. The measure allows EU courts to block the global enforcement of Russian rulings, specifically affecting ongoing proceedings against Euroclear.
Blocking the Euroclear enforcement
The Bank of Russia submitted its lawsuit to the General Court of the European Union on September 15, 2026, contesting Article 1(28) of EU Council Regulation No. 2026/1848. Enacted on July 23, 2026, the contested provision grants courts across EU member states the authority to prohibit Russian entities and individuals from seeking recognition or enforcement of specific Russian court decisions across any jurisdiction globally.
The central bank argues this mechanism directly interferes with active litigation in Belgium, where it seeks to enforce a ruling from the Arbitration Court of the City of Moscow in Case No. А40-345157/2025 against central securities depository Euroclear.
Sovereign immunity and extraterritorial reach
The Bank of Russia asserts that the EU framework imposes disproportionate restrictions on protecting its rights internationally, backed by financial penalties for non-compliance.
According to the Russian monetary authority, the regulation infringes upon core legal principles, including access to justice, legal certainty, and the sovereign immunity of states and their central banks.
The central bank also maintains that the global scope of the anti-enforcement orders constitutes unlawful extraterritorial jurisdiction, reserving all legal rights and counterclaims regarding its assets.
A long shot in Luxembourg
The lawsuit shifts the conflict over immobilized assets into direct confrontation within the EU court system.
By contesting anti-enforcement rules, Moscow seeks to weaken the legal shield protecting Euroclear from asset recovery.
However, securing an annulment against Council sanctions regulations in Luxembourg faces formidable legal hurdles.