The Central Bank of Russia announced on Tuesday, March 3rd that it has initiated legal proceedings in Luxembourg against the European Union’s decision to maintain an indefinite freeze on approximately €200 billion of Moscow’s foreign reserves. These assets were originally blocked in 2022 following the invasion of Ukraine.
Last year, EU member states strengthened the legal basis for holding these funds. This move was designed to allow the bloc to use the assets to underpin a mammoth loan to Kyiv.
Under the revised approach, the assets remain frozen until Russia halts its offensive and provides reparations to Ukraine.
In its claim to the EU General Court, the Central Bank of Russia argued:
The EU Regulation violates basic and inalienable rights, including the right to access justice, the inviolability of property, and the principle of sovereign immunity of states and their central banks.
