New Delhi, June 8 -- The writ is now active. That is the detail that separates Monday's ruling from every prior step in Russia's legal campaign against Euroclear: the Ninth Arbitration Court of Appeal dismissed the Belgian depository's challenge to immediate enforcement, meaning the €200 billion damages judgment issued last month is no longer pending - it is executable.

the ruling of the Moscow Arbitration Court is left unchanged, and the appeal is dismissed. The session was held behind closed doors, consistent with every prior proceeding in the case.

What that sentence closes off, at least for now, is Euroclear's last procedural lever inside the Russian court system to delay enforcement. On May 15, the Moscow Arbitration Court aw...