Russia’s Central Bank sues Euroclear over access to frozen assets

Russia’s Central Bank (CBR) announced that it has filed a lawsuit in a Moscow commercial court against Euroclear, accusing one of Europe’s largest securities depositories of unlawfully preventing it from accessing its own frozen funds and securities.

The lawsuit comes as the EU moves toward approving a plan to raise funds for Kyiv in 2026-2027 by using income from the 210 billion euros ($232 billion) in CBR assets frozen across the bloc, Caliber.Az reports, citing Russian media.

On December 11, EU ambassadors agreed to keep the funds frozen without the need for unanimous renewal every six months to prevent Russia-friendly Hungary and Slovakia from vetoing future votes. EU finance ministers need to formally approve the measure, which effectively ties any unfreezing to the end of Russia’s invasion of Ukraine.

EU leaders are then expected to consider both the Russian asset freeze and the Ukraine loan structure at their December 18 summit.

Belgium-based Euroclear currently holds the largest share of Russia’s frozen sovereign assets in Europe, 185 billion euros ($217 billion), immobilized under EU sanctions.

“Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it,” CBR said in a statement announcing the lawsuit that seeks compensation for losses.

By Vafa Guliyeva