The Central Bank of Russia has initiated legal action in Moscow against Euroclear, seeking compensation of approximately $230 billion for Russian assets frozen in Europe. The lawsuit marks the first concrete step in a major legal conflict anticipated by the Kremlin, in the context of the European Union’s plans to use these funds to support Ukraine, Reuters reports.
According to the commercial court in Moscow, the claim was filed on December 12 and targets the sum of 18.2 trillion rubles, equivalent to the total value of Russian sovereign assets blocked in Europe. The majority of these assets are held by Euroclear, the main European financial depository based in Belgium.
### Russian Assets, Central Stake for Financing Ukraine
The European Union intends to use a portion of the approximately 210 billion euros belonging to the Central Bank of Russia, frozen after the invasion of Ukraine in 2022, to secure a loan for financing the military and civilian needs of Kiev in the years 2026-2027.
On Friday, EU leaders agreed to indefinitely maintain the freeze on these assets, arguing that they need to be used to support Ukraine, in the context of the risk of future military actions by Russia – an accusation rejected by Moscow.
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### Possible Financial Retaliations
Legal experts cited by Reuters expect the Russian court to quickly issue an unfavorable decision against Euroclear. In the event of a favorable verdict, the Central Bank of Russia may attempt to enforce the ruling by pursuing Euroclear’s assets in other jurisdictions, especially in countries considered „friendly” by Moscow. Euroclear has not yet provided an official comment.
Russian authorities have long warned that using Russian sovereign reserves amounts to an act of expropriation, undermining trust in the international financial system, central banks, and the euro. Moscow has even threatened to confiscate private European investments in Russia as a retaliatory measure.
### Moscow Warns of a Dangerous Precedent
Vladimir Putin’s special representative for investments, Kirill Dmitriev, strongly criticized the EU initiative, warning about its impact on financial markets.
„What rational investor would keep securities in Euroclear, in euros, or in the EU, if they understand that property rights are not respected and assets can be confiscated on any pretext?” Dmitriev told Reuters.
The Central Bank of Russia, in turn, stated that the EU’s plans are illegal and reserved the right to use „all available means” to protect its interests, including actions in national courts, tribunals in other states, international organizations, and arbitration courts.
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### Possible Targets: China, UAE, Kazakhstan
According to legal experts, Russia may attempt to trace Euroclear’s assets in jurisdictions such as China, Hong Kong, the United Arab Emirates, or Kazakhstan, if they can be identified.
Within the European Union, the plans to use Russian money have raised concerns, including from the banking sector, warning that the seizure of such significant sovereign assets would set a dangerous precedent.
A document published in 2024 by the Central Bank of Sweden shows that such a decision would be the first instance where states not directly involved in a conflict confiscate the assets of a belligerent state in an ongoing war to support a third party.
Kirill Dmitriev described the EU’s plans as „a blow to the international reserve system created by the United States,” highlighting the long-term risks to global financial order.