The Russian central bank has filed a lawsuit in Moscow against the Brussels-based financial services firm Euroclear. It is demanding 18.2 trillion roubles (around 200 billion euro. The case has been was reported by the Russian state news agency Tass.
The Bank of Russia says that Euroclear has acted unlawfully by blocking Russian funds and securities. Around 185 billion euro in Russian state assets are frozen at Euroclear under European Union sanctions following Russia’s invasion of Ukraine. Ther Russian central bank says the claim covers both the frozen money and income that it has lost because it cannot access it. According to Russian media the Bank of Russia wants ther case heard behind closed doors.
The timing of the lawsuit comes in week when a European leaders will decide how to fund support for Ukraine in 2026 and 2027. One key proposal from the European Commission is to use profits from frozen Russian state assets to help Ukraine.
Belgium plays a central role because most of the frozen assets are held at Euroclear in Brussels. The Belgian government has warned about possible legal and financial risks and prefers a common EU loan instead. Italy, Bulgaria and Malta have backed Belgium’s position.
The European Union’s High Representative for Foreign and Security Policy Kaja Kallas said it would be very difficult to move forward without Belgium’s support. She described the use of frozen assets as the “most credible” option but admitted that talks are becoming harder.
EU leaders are expected to discuss the issue at a summit later this week.