Russia’s central bank challenges EU’s plans for frozen assets
Russia’s Central Bank (CBR) has filed a lawsuit against Euroclear, a Belgium-based depository holding about 185 billion euros ($217 billion) of frozen Russian assets, accusing it of unlawful actions that block Moscow’s access to its funds. The CBR deems the EU’s plans to use these immobilized assets—totaling around 210 billion euros—for loans to Ukraine as illegal and a violation of sovereign immunity principles under international law.
EU member states agreed on December 12, 2025, to indefinitely freeze Russian Central Bank assets in Europe, removing the need for six-month renewal votes that risked opposition from nations like Hungary and Slovakia. This step clears a path for using asset profits to fund Ukraine’s defense and financial needs in 2026-2027.
The Moscow lawsuit seeks compensation for CBR’s losses from lost control over the assets, with the bank vowing to challenge EU moves in national courts, foreign jurisdictions, arbitration, and international bodies. President Vladimir Putin has called such actions theft of sovereign assets, promising all legal countermeasures. Belgium, Euroclear’s host, opposes the EU’s “reparations loan” due to economic and legal risks.
