US EditionRussia’s Central Bank sues Belgian financial institution as EU mulls using Moscow’s frozen assets
The Bank of Russia aims to block a $106 billion EU loan to Ukraine by suing Euroclear over frozen Russian assets worth about €185 billion, citing unlawful use.
- This past week, the Bank of Russia filed suit in the Moscow Arbitration Court against Euroclear, alleging damage and seeking compensation for blocked funds and lost gains.
- The European Commission proposed immobilising €210bn indefinitely to fund a €90bn loan, with EU countries agreeing on Thursday, while Belgium opposed the plan fearing Russian retaliation.
- Investor-State dispute settlement allows investors to bring claims before private international arbitrators rather than courts, with Cold War-era bilateral investment treaties increasingly used to challenge EU sanctions policy.
- The EU Council introduced a loss‑recovery derogation and no‑liability clause, while Dmitry Peskov warned Moscow would respond to alleged asset theft, and Euroclear faces over 100 lawsuits.
- Russia could retaliate by immobilising Euroclear funds abroad, with an estimated €15 billion in Russia; Moscow has already confiscated €33 billion linked to Euroclear clients while Euroclear released €3 billion to compensate clients.
67 Articles
67 Articles
Europe’s moment of truth
The European Union just pulled off something that, a year ago, seemed politically impossible: it froze $247 billion in Russian central bank assets indefinitely, stripping the Kremlin of one of its most reliable pressure points. No more six-month renewal cycles. No more Hungarian vetoes. The money stays locked up, full stop.Turns out that was the easy part.This week, EU leaders gather in Brussels for a summit that will determine whether Europe ca…
EU’s prestige at stake with proposal to fund Ukrainian war effort with Russian assets
European leaders must decide this week whether to mobilize €193 billion in sovereign funds held by a Belgian clearinghouse. Failure would ‘seriously damage the EU’s capacity for action for years,’ warns German chancellor Merz
Russia’s Central Bank has filed a lawsuit seeking 18.2 trillion rubles ($229 billion) in damages from Europe’s largest securities depository Euroclear, the Interfax news agency reported Monday.
The idea seems solid.If Russian assets frozen in Europe cannot be legally confiscated, they could at least serve as collateral.With that logic, the European Commission (EC) has pushed a loan plan to Ukraine that, according to the latest public versions, would use up to 165 billion euros in assets of the Central Bank of Russia as a direct guarantee.And this is where the delicate part begins.Because this not only stresses international legality, i…
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