EU Court of Justice rejects Russian National Settlement Depository’s delisting appeal & upholds wide definition of “support” for Russian Government
15 June 2026
New Africe/Shutterstock.comThe Court of Justice of the European Union has rejected the Russian National Settlement Depository's appeal against the General Court's refusal to annul its 2022 and 2023 listings on the EU's Russia sanctions list; Case C-801/24 P.
The NSD is Russia’s central securities depository. It was EU-sanctioned in 2022 (Regulation (EU) No 2022/878) under Article 3(1)(f) of Regulation (EU) No 269/2014 on the grounds that it provided material support to the Russian Government through its essential role in Russia’s financial system. It was relisted on the same grounds in March and September 2023. The General Court rejected its application to annul those decisions, finding that the EU was entitled to say the NSD played an essential function in Russia's financial system justifying its listing.
The CJEU dismissed NSD’s appeal and, following the AG's opinion on the meaning of support under Article 3(1)(f), upheld the General Court’s reasoning. The CJEU said:
- There was no breach of the obligation to state reasons because the context surrounding NSD’s listing was clear.
- The General Court correctly interpreted “support” in Article 3(1)(f). In line with the AG's opinion, support means “any support that is capable, by its quantitative or qualitative importance, of providing the Russian Government with resources or facilities of a material or financial nature allowing it to pursue its actions to destabilise Ukraine.”
- The General Court correctly applied the standard of proof when assessing the EU’s evidence against the NSD, applying the principles set out in Anbouba (Case C-605/13 P).
- The NSD’s listing was not disproportionate: the measures are temporary and reversible, and the derogation mechanism in Regulation 269/2014 permits national authorities to authorise the release of frozen funds, including the return of customers' securities held in the NSD’s frozen accounts with EU depositories.
