Russia’s central bank has filed a lawsuit seeking 18.2 trillion roubles ($229.36 billion) in damages from Belgian central securities depository Euroclear, the Moscow court announced on Monday. The suit targets Euroclear because it holds the majority of Russian assets frozen by the European Union following Moscow’s military action in Ukraine. Russia is challenging the EU’s plan to redirect these frozen assets to provide financial assistance to Ukraine.
The Moscow court is widely expected to rule quickly in favor of the Russian central bank, potentially allowing Moscow to pursue enforcement of the claim in other jurisdictions. The lawsuit comes after the EU on December 12 agreed to freeze Russian central bank assets indefinitely, a move intended to remove a major obstacle to using the funds to support Ukraine’s defense efforts.
On the same day the freeze was announced, Russia’s central bank declared that the EU’s plans to use its assets were illegal and warned it would employ all available measures to protect its interests. The legal action underscores the growing tension between Moscow and Brussels over the control of billions of dollars in frozen reserves amid the ongoing war in Ukraine.
