Rewritten Content
The Russian central bank has declared that the European Union’s plan to make use of its assets is unlawful, and it reserved the right to defend its interests by all available means. In a separate statement, the bank announced that it is suing Euroclear, the Brussels-based clearinghouse that holds a substantial portion of the assets, in a Moscow court over what it calls actions that hinder its ability to manage its funds and securities.
The bank asserted that any direct or indirect use of its assets, along with any other improper exploitation of Bank of Russia assets, is illegal and violates international law, including the sovereign immunity of assets.
Euroclear, the Belgian government, and the European Commission did not respond to requests for comment. The central bank also referenced a Commission press release from December 3, which outlined two options to support Ukraine’s financing needs in 2026 and 2027.
One proposal would let the EU borrow cash from financial institutions holding frozen Bank of Russia balances to issue a reparations loan to Ukraine.
Russian officials have repeatedly warned that such moves would trigger a strong response.
EU governments are reportedly aiming to freeze Russian central bank assets in Europe for as long as necessary, potentially eliminating the need for renewed votes every six months.
The Bank of Russia warned that any such plans would face challenges in national courts, the judicial authorities of foreign states and international bodies, including arbitral tribunals, with enforcement of judgments in UN member states.
Reported by Anton Kolodyazhny and Gleb Bryanski, with additional reporting from Inti Landauro in Brussels. Edited by Christopher Cushing and Mark Potter.
