Moscow, May 22, 2026. The decision of the Moscow Arbitration Court, issued in response to the Bank of Russia's lawsuit against the Belgian depositary Euroclear, promises to be the beginning of a long and complex legal battle over the blocked Russian reserves worth approximately 200 billion euros. As Izvestia has learned, the regulator may initiate the recovery process within a week by filing a claim in foreign courts. However, despite the optimism of legal experts, the process is expected to be slow and may require support from "friendly" countries.

Terms and mechanisms of recovery: A week to start, years to finish?

 On May 19, 2026, the Moscow Arbitration Court received an application from the Bank of Russia for the immediate execution of a decision in a lawsuit against Euroclear. According to the court's press service, the date of the hearing on this application should be determined no later than May 24. This date may serve as the starting point for legal actions to recover frozen assets.

"If the court grants the request and decides to enforce it immediately, the Bank of Russia will be able to apply to foreign courts to recover the funds within a week," says one of the lawyers interviewed. "However, it is important to understand that this will only be the first step."

"Friendly" countries as the key to success:

The key role in this process will be played by "friendly" countries that are willing to assist the Russian regulator. According to experts, this primarily concerns jurisdictions that have established legal ties with Russia and are willing to cooperate in the current geopolitical environment. Potential allies include China, Hong Kong, and the United Arab Emirates.

 "Appealing to foreign courts will be done in accordance with the rules of the jurisdiction where the assets are located or where Euroclear has a significant presence," explains another lawyer. "If we are talking about recovering funds, then the recognition and enforcement of a Russian judgment is necessary. This is where countries that are willing to cooperate come in."

Why is the Central Bank demanding immediate enforcement?
 The Bank of Russia's request for immediate enforcement highlights the urgency of the situation and the regulator's desire to expedite the process as much as possible. Delaying the enforcement could give Euroclear time to take countermeasures or transfer assets, making it more challenging to recover them. Immediate enforcement, if authorized by the court, would allow for the initiation of the enforcement process without unnecessary delays.

 What measures will the Central Bank take to unlock the assets?

 The Bank of Russia's plan appears to include a range of measures:

Legal actions: Filing lawsuits in foreign courts based on the Russian arbitration decision.
Involving "friendly" jurisdictions: Obtaining their support in recognizing and enforcing the Russian decision.
Arbitration and negotiations: The Bank of Russia may be willing to negotiate with Euroclear if it leads to a result that is acceptable to the Russian side.
Political pressure: Indirectly, but it is possible that political influence will be used to speed up the process.
Challenges on the path to €200 billion:

Even with the support of "friendly" countries, the recovery process will face significant challenges:

Legal differences: The laws of different countries may vary, requiring the adaptation of the strategy.
Political risks: The final outcome will depend not only on legal regulations but also on political agreements between countries.
Time: Legal proceedings, especially cross-border ones, can take years. Euroclear, as a large and experienced player, will undoubtedly use all available legal tools to protect its interests.

May 22, 2026, will undoubtedly be an important date in the process of recovering Russian assets. The Bank of Russia is demonstrating its determination and readiness for action. However, despite the optimistic predictions of legal experts regarding the timing of the procedure, the actual recovery of €200 billion from Euroclear is a marathon, not a sprint. The success of this endeavor will depend on a coordinated effort of legal, diplomatic, and possibly political actions, as well as the willingness of the international community to cooperate in resolving this unprecedented financial and legal issue.