National Settlement Depository (NSD)

Rule Changes

As of May 2026: Russian-side infrastructure whose assets in the EU are discussed as potential offset/retaliation buffer

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