The Central Bank of Russia said on Friday (12) that the European Union’s plans to use its assets are illegal and that it reserves the right to employ all available means to protect its interests.
In a separate statement, the central bank said it is suing Brussels-based financial institution Euroclear, which holds , in a Moscow court over what it called harmful actions affecting its ability to dispose of its funds and securities.
“The mechanisms of direct or indirect use of the assets of the Bank of Russia, as well as any other forms of unauthorized use of the assets of the Bank of Russia, are illegal and contrary to international law, including violating the principles of sovereign immunity of assets,” the bank said.
Euroclear, the Belgian government and the European Commission did not immediately respond to requests for comment.
The central bank referred to a Commission press release published on December 3, which outlined two solutions for .
In one such solution, the Commission could borrow cash balances from European Union financial institutions holding frozen Russian central bank assets to issue a reparation loan to Ukraine.
Russian officials have repeatedly stated that such action would be met with “the harshest reaction”.
European Union governments want to reach an agreement this Friday (12) to freeze Russian central bank assets immobilized in Europe for as long as necessary, eliminating the need for a vote to renew the freeze every six months, diplomats from the bloc said.
The Central Bank stated that the implementation of such plans would be challenged in “national courts, judicial authorities of foreign states and international organizations, arbitration courts and other international judicial bodies, followed by the enforcement of court decisions in the territories of UN member states.”
