Russia's Central Bank Strikes Back: Legal Battle Over Frozen Assets

Russia's central bank is challenging the European Union's plans to use its frozen assets for Ukraine's financing needs, deeming them illegal. The bank has initiated legal action against Euroclear in Moscow. EU governments are considering extending the freeze on Russian assets. Russia warns of severe repercussions.

In a bold move, Russia's central bank has declared that the European Union's plans to utilize its assets for funding Ukraine are illegal. The bank has vowed to fight the decision by employing all available legal means to defend its interests.

Amid tensions, the central bank has lodged a lawsuit against Brussels-based Euroclear, accusing it of actions that hinder its financial operations. According to the bank, any use of its assets lacks authorization and violates international law, infringing on principles of asset immunity.

While Euroclear has yet to comment, the situation remains tense. The European Union is considering a prolonged freeze on Russian assets without needing biannual renewals. However, Moscow warns such measures will face fierce opposition in international judicial platforms, ensuring a complex geopolitical standoff.

(With inputs from agencies.)