Court delays Euroclear appeal in $105M Sberbank case

As indicated by the court's file, the court rejected the foreign bank's appeal.

Consensus

The Moscow Arbitration Court postponed the cassation hearing for Euroclear's appeal until November 23, 2025.
The case involves a claim by Sberbank for approximately $105 million in damages related to blocked income from derivative financial instruments.
The instruments are held in accounts at two Russian depositories—SPb CSD and NRD—within Euroclear Bank.
The blocked income stems from warrants issued by Citi and Natixis, and notes linked to UBS AG assets and Societe Generale shares.
Euroclear claims it acted in accordance with EU legislation restricting operations with entities under state control or on sanction lists.
Sberbank argues that payments were blocked before the bank and depositories were added to sanction lists.
The Russian government has indicated plans to challenge EU restrictions on enforcement of Russian court rulings in the EU courts.
The National Clearing Depository (NRD) has been under EU sanctions since June 2022.

The court date was set for November 23, but the year is not specified in the text. — riamo
The Moscow Arbitration Court previously awarded Sberbank approximately $105.4 million in 2025, and the appellate court partially modified the decision in February 2026 after Sberbank withdrew claims for about $530,000. — vedomosti
On September 15, the Belgian Council of State ruled that the Belgian treasury's refusal to unblock assets of Russian individuals was unlawful, citing violations in the transfer of authority to the body. — vedomosti
On September 17, the Bank of Russia announced its intention to challenge EU restrictions on enforcement of Russian judicial decisions in the EU courts, linking it to the Euroclear dispute involving claims of around 200 billion euros. — vedomosti
On October 7, Moscow Exchange filed a lawsuit against the European Council, citing that NRD, part of its group, has been under EU sanctions since June 2012. — vedomosti