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The Central Bank of Russia has filed a lawsuit Belgian Financial institution Euroclear, the Brussels-based clearinghouse that holds most of Moscow’s frozen assets EuropeThe bank said on Friday.
It was not immediately clear what might be achieved since the lawsuit was filed moscow,
The European Commission, the EU’s executive branch, estimates that 210 billion euros ($247 billion) worth has been seized. Russian The assets are held in Europe. At the end of September, Euroclear had about 193 billion euros ($225 billion) in funds.
Russia’s Central Bank said the lawsuit, which was filed in Moscow’s Arbitration Court, would seek to recover losses it suffered when it was barred from managing and disposing of its Euroclear funds and securities.
Euroclear declined to comment on the case.
In a separate statement, Russia’s Central Bank also condemned broader EU plans to use Russian assets for aid ukraine “Illegal, contrary to international law,” arguing that they “violated the principles of sovereign immunity of property.” This is the first time the bank has commented publicly on the plans.
The EU froze Russia’s assets across the 27-nation bloc shortly after Russia started a full-scale war in Ukraine on February 24, 2022. These sanctions must be renewed every six months, and for this to happen all EU members must approve them.
At a summit next week, EU leaders will decide whether to use tens of billions of dollars of these assets to meet Ukraine’s military and economic needs and use them as collateral for a huge loan to Kiev.
Ukraine needs money to aid its war efforts. But such a step has never been taken before and comes with risks.
The European Central Bank has warned that if Europeans appear willing to grab other countries’ money, it could undermine confidence in the euro currency.
Some member countries are also worried about retaliatory action from Russia. Belgian Prime Minister Bart de Wever has refused to approve the plan, citing fears that Russia would move against Belgian interests.