Russia’s Central Bank sues Belgian financial institution as EU mulls using Moscow’s frozen assets
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FILE - A view of the headquarters of Euroclear in Brussels, on Oct. 23, 2025. Photo by Geert Vanden Wijngaert /APArticle contentRussia’s Central Bank has filed a lawsuit against Belgian financial institution Euroclear, the Brussels-based clearing house that holds most of Moscow’s frozen assets in Europe, the bank said Friday.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentIt wasn’t immediately clear what the lawsuit could achieve since it was filed in Moscow.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe European Commission, the EU’s executive branch, estimates that 210 billion euros ($247 billion) worth of frozen Russian assets are held in Europe. At the end of September, Euroclear held around 193 billion euros ($225 billion) of the money.Article contentArticle contentRussia’s Central Bank said that the lawsuit, which was filed at Moscow’s Arbitration Court, would seek to recover damages it incurred when it was barred from managing and disposing of its Euroclear funds and securities.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentEuroclear declined to comment on the case.Article contentIn a separate statement, Russia’s Central Bank also condemned wider EU plans to use Russian assets to aid Ukraine as “illegal, contrary to international law,” arguing that they violated “the principles of sovereign immunity of assets.” It’s the first time that the bank has publicly commented on the plans.Article contentThe EU froze Russia’s assets based in the 27-nation bloc shortly after the start of Russia’s full-scale war in Ukraine on Feb. 24, 2022. These sanctions must be renewed every six months, and all EU members must approve them for that to happen.Article contentAt a summit next week, EU leaders will decide whether to use tens of billions from these assets to fund Ukraine’s military and economic needs by using them as collateral for a huge loan for Kyiv.Article contentUkraine needs funding to aid its war effort. But such a move has never been done before, and it comes with risks.Article contentThe European Central Bank has warned that if Europeans appear willing to grab other countries’ money, it could undermine confidence in the euro currency.Article contentSome member nations are also concerned about inviting retaliation from Russia.
Belgian Prime Minister Bart De Wever has refused to approve the plan, citing fears that Russia will move against against Belgium’s interests.Article contentTrending Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth CRA penalized taxpayer for repeated failure to report income Personal Finance This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth U.S. trade deficit unexpectedly shrinks to smallest since 2020 Economy The best mortgage rates in Canada right now Real Estate Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth CRA penalized taxpayer for repeated failure to report income Personal Finance This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth U.S. trade deficit unexpectedly shrinks to smallest since 2020 Economy The best mortgage rates in Canada right now Real Estate