Bank of Russia threatens legal action against EU over frozen assets

The Bank of Russia has stated that it will challenge in the courts of foreign states and international organisations any potential European Commission decision to use the regulator’s frozen assets in EU countries for a loan to Ukraine, Caliber.Az reports, citing the Bank.

The Central Bank noted that on December 3, a press release and a draft regulation were published on the European Commission’s official website, which provide for the use of the regulator’s assets, including those held in the Belgian depository Euroclear.

The mechanisms outlined in the document for the direct or indirect use of Russian assets are illegal and contrary to international law, the regulator said.

"The Bank of Russia reserves the right, without additional notice, to proceed with the practical implementation of all available legal and other mechanisms to protect its interests in the event of further advancement or any form of implementation of the discussed European Union initiatives," the statement said.

By Vugar Khalilov