Russia Sues European Clearinghouse Over Frozen Assets

Russia has launched a legal battle to recover its frozen funds in Europe. The Russian Foreign Ministry announced the move on Friday. It stated that the Bank of Russia has filed a lawsuit against Euroclear, a major financial clearinghouse based in Belgium. The legal action seeks compensation for damages. These damages resulted from the freezing of Russian state assets held by Euroclear. The freeze was part of wide-ranging Western sanctions imposed after Russia's invasion of Ukraine. A ministry spokesperson warned that Russia's response to the asset freeze "will not be delayed." The lawsuit represents a direct, legal countermeasure to the sanctions. Euroclear holds billions of euros in Russian central bank assets. The lawsuit marks a significant escalation in the financial conflict between Russia and the West.