Arya News - The Bank of Russia said on Friday that it had filed a statement of claim with the Moscow Arbitration Court against the Euroclear depository for recovery of losses caused to the regulator.
"In connection with the illegal actions of the Euroclear depository causing losses to the Bank of Russia, as well as in connection with the mechanisms officially considered by the European Commission for the direct or indirect use of the assets of the Bank of Russia without the consent of the Bank of Russia, the Bank of Russia is filing a claim with the Moscow Arbitration Court against the Euroclear depository for recovery of losses caused to the Bank of Russia," the bank said in a statement. Euroclear"s actions caused harm to the Bank of Russia due to the inability to dispose of its funds and securities, the regulator said.The Central Bank of Russia said that it had issued a statement regarding the European Commission"s plans to use its assets, calling them illegal and contrary to international law.The statement comes in response to the European Commission"s remarks regarding its two solutions to support Ukraine"s financing needs in 2026-2027 and its draft regulatory act on proposal establishing the reparations loan to Ukraine.The Bank of Russia also said that it reserves the right to defend its rights in all available ways without additional notice, noting that it will challenge any actions of the bloc entailing a uncoordinated use of the regulator"s assets in all available competent authorities.Following the start of Russia"s military operation in Ukraine in 2022, the European Union and the G7 nations froze nearly half of Russia"s foreign currency reserves, totaling approximately 300 billion euros ($350 billion). Around 200 billion euros are held in European accounts, predominantly in Euroclear, a Belgium-based securities depository.The Kremlin has said that any attempts to confiscate Russian assets would be a theft and a violation of international law.