Moscow has strongly criticized proposals by the European Union to utilize frozen Russian assets, deeming such actions illegal and a violation of international law. The Central Bank of Russia issued a statement Friday asserting its right to employ all available mechanisms to protect its interests should the EU proceed with its plans.
The Bank emphasized that any direct or indirect use of its assets, or any unauthorized exploitation thereof, constitutes an infringement upon international legal norms, including the fundamental principle of sovereign immunity.
“The Central Bank of Russia reserves the right to apply all legal and other mechanisms to protect its interests without prior notice in the event of further progress or any form of implementation of the EU initiatives under discussion,” the statement declared.
In a separate legal move, the Bank announced that it has filed a lawsuit in Moscow against Euroclear, a financial institution based in Brussels, accusing it of taking detrimental actions that impede the Bank’s control over its funds and securities held within the institution.
The Central Bank further stated its intention to challenge the implementation of these proposals before national courts, judicial bodies in foreign countries, international organizations, arbitration bodies, and other international judicial authorities. This would be followed by the enforcement of judicial rulings within the territories of UN member states.
The EU is reportedly considering a plan to freeze Russian central bank assets held in Europe, rather than renewing the freeze every six months. The European Commission has presented EU member states with options for providing financial support to Ukraine, potentially utilizing frozen Russian assets.
These developments mark a significant escalation in the ongoing dispute over the handling of Russian assets frozen in the wake of international sanctions.
