Russia's Central Bank threatens to sue European banks for freezing its assets – Reuters

Russia's Central Bank has said it will expand its legal action beyond its lawsuit against the Belgian depository Euroclear and will file lawsuits against European banks in a Russian court over attempts to use frozen Russian assets to support Ukraine.

Source: Reuters

Details: Reuters said that EU leaders were to hold a summit on Thursday where they would decide whether to use frozen Russian assets to provide billions of euros in loans to Ukraine to support its war effort. The decision is seen as a key test of the bloc's unity.

"The Bank of Russia announces that it will seek compensation from European banks in a Russian commercial court for losses arising from the unlawful blocking and use of its assets, in an amount corresponding to the illegally withheld assets and lost profits," the Russian Central Bank said in a statement.

The statement does not specify which European banks may be targeted. In a separate comment to Reuters, the Bank of Russia said it would take legal action against "institutions that are unlawfully retaining and blocking the Bank of Russia's ability to dispose of its assets".

Background: The Central Bank of Russia has previously said that the European Union's plans to use its assets are illegal and that it reserves the right to use all available means to protect its interests.

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