Russia’s Central Bank said Tuesday that it filed a lawsuit in one of the European Union’s two main courts to challenge the bloc’s decision to freeze Russian state assets indefinitely.
In December, the EU agreed to keep roughly 210 billion euros ($244.1 billion) in Russian sovereign assets immobilized, rolling over the measure every six months by qualified majority vote. The bloc stopped short of seizing the assets outright to fund reparations for Ukraine, instead backing a loan package with its common budget.
Russia’s Central Bank said the regulation effectively stripped it of legal protection and the ability to enforce its rights, arguing that the measure violates international and EU law guaranteeing property rights, access to justice and sovereign immunity.
It also said the Dec. 12 decision involved “serious procedural violations” because it was adopted by majority vote rather than unanimity.
The Central Bank said it filed its claim last Friday with the Luxembourg-based General Court of the European Union.
Separately, Russia’s Central Bank is suing Euroclear, Europe’s largest securities depository based in Belgium. It filed that claim in a Moscow arbitration court and is seeking around $232 billion, a sum it says covers the assets held by Euroclear and compensation for lost returns.
Those funds were frozen under EU sanctions imposed after Russia’s 2022 invasion of Ukraine.
A hearing in Moscow in January was adjourned until Wednesday this week after lawyers for Euroclear unsuccessfully argued that the case should be dismissed. At the Central Bank’s request, the proceedings were closed to the public.
Lawyers told Reuters that if Russia prevails in that case, it could attempt to seize Euroclear’s assets in countries such as China, the United Arab Emirates and Kazakhstan.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.
Continue
Not ready to support today?
Remind me later.
×
Remind me next month
Thank you! Your reminder is set.
