Russia's Central Bank Takes Legal Action Against European Banks Over Frozen Assets

Russia's central bank is extending legal action beyond its lawsuit against Euroclear and plans to sue European banks in Russian court. They aim to seek compensation for losses due to the unlawful blocking and use of its assets amid the EU's consideration to use frozen Russian assets for Ukraine.

Russia's central bank is escalating its legal maneuvers, announcing plans to sue European banks within Russian courts. This move comes in response to the European Union's contemplation of using frozen Russian assets to aid Ukraine's war efforts.

The Bank of Russia argues that these actions are unlawful and have resulted in losses due to the blocked access to their assets. Russia's central bank will seek compensation equivalent to the value of withheld assets and potential lost profits.

Although the Bank did not disclose which specific banks are under scrutiny, it stated intentions to target institutions that are preventing their asset utilization. The upcoming EU leaders' summit serves as a pivotal moment for the bloc's collective stance.

(With inputs from agencies.)