Russian Central Bank to sue European banks for compensation for frozen assets

The Russian Central Bank on Thursday announced that it will file a lawsuit in a Russian arbitration court to recover losses from European banks resulting from its frozen assets.

"In connection with the ongoing attempts by the European Union authorities to illegally seize/use, without the consent of the Bank of Russia, its assets placed in EU financial institutions, including by establishing a permanent immobilization of its assets," the central bank said in a statement.

"The Bank of Russia, in accordance with its previously stated position on ensuring the protection of its interests, announces that it will recover damages from European banks in a Russian arbitration court due to the illegal blocking and use of its assets, in the amount of illegally withheld assets and lost profits," it added.

The statement also recalled that the bank had previously filed a lawsuit against Belgium-based Euroclear at the Moscow Arbitration Court on Dec. 12.

It was reported that the Russian Central Bank demanded 18.2 trillion rubles (approximately $229.7 billion) in compensation from Euroclear.

On Friday, EU member states decided to "indefinitely immobilize" frozen Russian assets amounting to €210 billion ($246 billion).

EU foreign policy chief Kaja Kallas also said the €210 billion would remain in EU territory unless Russia compensates for the damage it has inflicted on Ukraine during the ongoing war, which is nearing the four-year mark.