A legal battle has escalated after Russia’s Central Bank moved to seek compensation over frozen assets held in Europe.
A Moscow court said on December 15, 2025, that the Central Bank of Russia has filed a lawsuit against Belgium based central securities depository Euroclear, demanding damages of 18.2 trillion roubles, or $229.36 billion. The claim relates to Russian assets frozen by the European Union following Russia’s military action in Ukraine.
Euroclear is the main holder of these frozen assets, which were blocked as part of EU sanctions. The lawsuit comes as a direct response to plans by the EU to use the frozen funds to provide financial support to Ukraine.
The Moscow court is widely expected to deliver a swift ruling in favour of the Central Bank. If that happens, Russian authorities could attempt to enforce the decision in other jurisdictions.
Commenting on the issue, the Central Bank said, “The EU Government agreed on December 12, 2025, to indefinitely freeze the Russian Central Bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Russia.”
The Central Bank has maintained that the EU decision to use its frozen assets is illegal. It added that it reserves the right to use all available means to protect its interests in response to the move.
The case highlights growing legal tensions between Russia and European institutions as disputes over frozen sovereign assets continue to intensify.
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