Russian Central Bank Files Lawsuit Against Euroclear for Alleged Harm From Frozen Assets

The Central Bank of Russia has initiated legal action in a Moscow court against Euroclear for “illegal actions by the depository, causing harm,” and also over the European Commission's plans to use the bank's frozen assets.

The Russian Central Bank shared this information on its website on December 12.

The bank stated that it has filed a lawsuit "to recover the damages" caused by Euroclear's actions in the Arbitration Court of Moscow.

It is claimed that these actions resulted in “harm due to the inability to manage the funds and securities owned by the Bank of Russia.”

The lawsuit also addresses the European Commission's consideration of using the Bank of Russia's assets “without consent.”

At the same time, EU ambassadors approved a measure that allows for the indefinite freezing of Russian assets, marking a significant step toward potentially using these funds for reparations to Ukraine.

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War in Ukraine

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This procedural shift, endorsed by a qualified majority, eliminates the need for unanimous approval, which was previously required to extend anti-Russian sanctions every six months.

The new arrangement ensures that a veto, such as one from Hungary, cannot unfreeze assets that could be used for a reparations loan to Ukraine. Under this revised system, a qualified majority of EU member states will be enough to maintain the freeze on these assets.

Earlier, the finance ministers of the Group of Seven endorsed the idea of using frozen Russian assets to fund reparations for Ukraine.

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