A Moscow court rejected an appeal by Belgian securities depository Euroclear and upheld a ruling ordering it to pay around 18.2 trillion rubles to Russia’s central bank.
The dispute concerns Russian state assets frozen in the European Union following Russia’s full-scale invasion of Ukraine.
A significant share of Russia’s frozen reserves is held at Euroclear.
Russia’s central bank went to court after European governments discussed possible ways of using frozen Russian assets to support Ukraine.
Euroclear disputes the jurisdiction of Russian courts and is pursuing its own legal action in Belgium.
The Moscow court ruling does not mean the sum can automatically be recovered from Euroclear assets in the European Union, where the Russian judgment has no direct legal force.