Russia's Central Bank sues Euroclear over frozen assets

The Central Bank of the Russian Federation has announced that it has filed a lawsuit against the Belgian clearing and settlement institution Euroclear over frozen Russian assets.

The Russian BBC service stated this in an article, according to Ukrinform.

As noted, the lawsuit "to recover damages caused to the Bank of Russia" is being filed with the Moscow Arbitration Court. The Russian Central Bank claims that Euroclear allegedly caused "damage due to the inability to dispose of monetary funds and securities."

The Central Bank also stated that "mechanisms for direct or indirect use of the Bank of Russia's assets, as well as any other forms of unauthorized use of the Bank of Russia's assets, are illegal and contrary to international law."

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As Ukrinform reported earlier, EU ambassadors agreed to freeze Russian sovereign assets indefinitely, removing the main obstacle to providing Ukraine with a "reparations loan" of EUR 210 billion.

European Central Bank President Christine Lagarde stated that the latest proposal by the European Commission regarding the use of frozen Russian assets to finance Ukraine is the closest to meeting the requirements of international law.

According to European Commission chief spokesperson Paola Pinho, the legal framework for the reparations loan for Ukraine will withstand potential litigation and meets the requirements of stakeholders.

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