Belgium’s Council of State ruled that the Treasury lacked the proper legal authority to refuse Russian bank BCS Bank’s request to release securities and funds frozen at Euroclear, the Brussels-based clearing house. The court did not order the assets returned, leaving it unclear whether the decision creates a practical path for BCS Bank to recover them. The ruling found that a delegation allowing the administrator-general of the Treasury department to decide such requests was too broad and insufficiently defined. Other decisions made under the same framework could also face challenges unless Belgium changes its legal rules. BCS Bank’s assets were frozen after Russia’s National Settlement Depository was placed under EU sanctions in June 2022 following Russia’s full-scale invasion of Ukraine. Most of the roughly €200 billion in frozen Russian assets held in Europe are at Euroclear. A European Commission proposal to use the assets to back a loan for Ukraine was dropped after Belgium sought stronger protection against potential Russian lawsuits and damages claims, although several EU member states have recently urged the EU to revisit the issue.