Jens Asbjørn Bøgen
The Kremlin has turned the threats into action.
The European Union has been debating how to use roughly 210 billion euros of immobilised Russian reserves.
Leaders agreed last week to keep the funds frozen indefinitely and support plans to channel income from the assets into loans for Ukraine in 2026 and 2027.
EU officials argue the money should help Kyiv’s military and civilian needs, warning that Russia could otherwise threaten NATO. Moscow has repeatedly rejected that claim.
Bankers and policymakers in Europe have voiced concerns that seizing sovereign assets could breach legal norms and set a global precedent – and now, the debate is turning into a legal battle.
Russia files lawsuit – in Russia
According to Reuters, Politico and The Moscow Times, the bank filed the lawsuit at a Moscow court, and it seeks samaged of roughly 210 billion euros.
The Belgium-based Euroclear house holds most of Russia’s sovereign reserves frozen in Europe after Moscow sent troops into Ukraine in 2022.
Legal specialists told Reuters a swift ruling in Russia’s favour is widely expected.
From threats to legal action
Russian authorities say using the reserves would amount to theft and damage trust in the euro and central banks, Reuters reported.
Moscow has also warned it could retaliate by confiscating European private assets inside Russia.
Lawyers say any Russian judgment could trigger attempts to seize Euroclear-linked assets in jurisdictions seen as friendly to Moscow, including China and the Gulf.
A 2024 paper from Sweden’s Riksbank noted such action would be unprecedented, marking the first time neutral states seized a belligerent’s assets to support a third country.
Sources: Reuters, Riksbank, Politico, The Moscow Times
