On March 3, the Central Bank of Russia said that it had filed a lawsuit with the European Union (EU) Court of First Instance, headquartered in Luxembourg. This agency believes that the EU's decision has deprived Russia of legal protection and the ability to enforce its legitimate rights.
Last December, the EU agreed to maintain the "freeze" of about 210 billion euros (equivalent to 244.1 billion USD) of Russia's sovereign assets. This measure is extended every 6 months under a majority vote mechanism, instead of absolute consensus.
The EU does not directly confiscate the above assets to compensate Ukraine, but uses the bloc's common budget to secure a loan package to support Kiev.
The Central Bank of Russia argued that this regulation violates international law and EU law on property rights, access to justice as well as the principle of national sovereignty immunity. The agency also said that the decision on December 12, 2025 violated "serious procedural violations" when it was passed by majority vote instead of consensus throughout the bloc.
In addition to the lawsuit in Europe, the Central Bank of Russia also filed a lawsuit against Euroclear - the largest securities depository center in Europe based in Belgium.
The lawsuit was filed at an arbitration court in Moscow, demanding compensation of about 232 billion USD. Moscow said that this figure includes the value of assets held by Euroclear and the profit lost due to the inability to use that money.
The above-mentioned assets were frozen under EU sanctions imposed after Russia launched a military campaign in Ukraine in 2022.
The hearing in Moscow in January was postponed to this week, after Euroclear's lawyer failed to successfully request rejection of the lawsuit. At the request of the Central Bank of Russia, the trial was conducted in closed-doors.
Lawyers said that if Russia wins the lawsuit in Moscow, it may seek to seize Euroclear's assets in third countries such as China, UAE or Kazakhstan.
The lawsuits in Luxembourg and Moscow show that the confrontation between Russia and the EU is not only taking place on the battlefield or at the negotiating table, but also expanding to the legal and international financial fields.
In the context of the EU continuing to maintain sanctions and Russia seeking to protect national assets, the outcome of these lawsuits could set an important precedent for the international community's handling of sovereign assets in geopolitical conflicts.
