Russian central bank says EU plans to use its assets are illegal

Russia's central bank said on Friday that plans by the European Union to use its assets were illegal and that it reserved the right to employ all available means to protect its interests.



In a separate statement, the central bank said it was suing Brussels-based financial institution Euroclear - which holds many of the assets - in a Moscow court over what it said were damaging actions, affecting its ability to dispose of its funds and securities.



"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 to comment.



The central bank referred to a Commission press release, published on December 3, which outlined two solutions to support Ukraine's financing needs in 2026 and 2027.



Under one of those solutions, the Commission would be able to borrow cash balances from EU financial institutions holding frozen assets of the Russian central bank to issue a reparations loan for Ukraine.