Moscow Exchange sues EU Council over July sanctions listing
In short
Moscow Exchange filed a lawsuit against the Council of the European Union at the EU court on 5 October, after the EU added it to its July sanctions package. The court's case card does not state the substance of the claim, and Interfax said it has asked the exchange for comment. The exchange's National Settlement Depository failed in an earlier attempt to overturn EU sanctions.
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Moscow Exchange filed a claim against the Council of the European Union with the EU court on 5 October, the EU General Court's case card shows. Interfax and Kommersant both reported that the claim was registered and that the card does not disclose the substance of the complaint. TASS reported that the exchange sued the EU Council and said the reason was not given. Interfax said it had sent a request for comment to Moscow Exchange. [ 1 , 2 , 3 ]
The EU added Moscow Exchange to its 21st sanctions package in July 2026, alongside more than 90 other financial organisations, according to Interfax and Kommersant. The exchange group's National Settlement Depository has been under EU sanctions since 2022 and previously tried to contest them in the EU court, without success; Kommersant said its appeal was also rejected, and Interfax said it was unable to overturn the restrictions. [ 2 , 3 ]
The documents differ on the exchange's other sanctions exposure. Interfax reported that Moscow Exchange, together with the National Settlement Depository and the National Clearing Centre, has also been under US and UK sanctions since June 2024. Kommersant said restrictions against the exchange were imposed by the US, UK and Canada, without giving a date. [ 2 , 3 ]
Kommersant said the sanctions create a risk of isolation from the infrastructure through which operations in foreign securities pass, and that foreign depositories may refuse to work with the exchange on the view that such operations serve a sanctioned entity. As a result, the outlet said, not only the exchange's own operations are affected: its clients may lose the ability to carry out transactions in foreign securities, and payments on them may no longer pass through foreign infrastructure. Kommersant said the dispute therefore concerns access to operations and settlements, not only the exchange's formal place on the sanctions list. [ 3 ]
Why it matters
The case concerns whether the exchange and its clients can keep access to the foreign infrastructure used for foreign securities operations and payments, not only its formal status on the sanctions list, according to Kommersant. The EU listing followed a package that also targeted more than 90 other financial organisations, so the outcome is relevant to how European sanctions on Russian financial infrastructure are contested.
Key facts
- Moscow Exchange filed a claim against the Council of the EU with the EU court on 5 October. [ 2 , 3 ]
- The EU General Court registered the claim; the case card does not disclose the substance of the complaint. [ 2 , 3 ]
- TASS reported that Moscow Exchange sued the EU Council and did not give a reason. [ 1 ]
- The EU added Moscow Exchange to its 21st sanctions package in July 2026, alongside more than 90 financial organisations. [ 2 , 3 ]
- The National Settlement Depository, part of the Moscow Exchange group, has been under EU sanctions since 2022 and failed to overturn them in the EU court, including on appeal. [ 2 , 3 ]
- Interfax said Moscow Exchange, the National Settlement Depository and the National Clearing Centre have also been under US and UK sanctions since June 2024. [ 2 ]
- Kommersant reported that restrictions against the exchange were imposed by the US, UK and Canada. [ 3 ]
- Kommersant said the sanctions create a risk of isolation from the infrastructure handling foreign securities operations, and that clients could lose the ability to trade foreign securities. [ 3 ]
Confirmed by several sources
- Moscow Exchange filed a claim against the Council of the EU in the EU court on 5 October. [ 2 , 3 ]
- The EU imposed sanctions on Moscow Exchange in July 2026. [ 2 , 3 ]
- The National Settlement Depository has been under EU sanctions since 2022 and its attempt to challenge them in the EU court failed. [ 2 , 3 ]
- The substance of the claim is not stated in the court's case card. [ 2 , 3 ]
Still unclear
- What Moscow Exchange is asking the EU court to do, and on what grounds. Interfax and Kommersant both say the case card does not give the substance of the claim, and Interfax said it sent a request to the exchange; TASS gave no reason for the suit.
- Which countries beyond the EU have sanctioned Moscow Exchange, and from when. Interfax says the exchange has been under US and UK sanctions since June 2024, while Kommersant says restrictions were imposed by the US, UK and Canada without giving a date.
What local media are saying
Timeline, local time
- TASS reports that Moscow Exchange has filed a suit against the Council of the EU, without stating a reason. [ 1 ]
- Interfax reports the claim was filed with the EU court on 5 October and that the case card does not give its substance. [ 2 ]
- Kommersant reports the EU General Court has registered the claim, filed on 5 October. [ 3 ]