A Moscow judge has ordered the Belgian financial group Euroclear to pay $194.2 million to a little-known Russian financial shell company, Russian state media reported Tuesday.
The Moscow Arbitration Court’s ruling in favor of the specialized finance company, Silicium-2, marks the latest verdict targeting Euroclear over assets frozen by Western sanctions.
At the center of the dispute are the assets of Russian investors registered with the National Settlement Depository (NSD), Russia’s central record-keeper. The NSD’s accounts at Euroclear were blocked after it was sanctioned by the EU in 2022.
Silicium-2 initially sought 32.8 billion rubles ($417.5 million) when it sued Euroclear in May 2025. By October, the claim had grown more than fivefold to $2.2 billion, plus interest, RIA Novosti reported.
According to the state news agency, Silicium-2 was incorporated in May 2022 as a specialized legal vehicle typically used to pool financial assets or issue asset-backed securities.
