Dec. 12 (UPI) -- Russia's Central Bank has filed suit against the Belgian bank that holds about $217 billion in frozen Russian state assets to stop the European Union from using that money to make a large loan to Ukraine.
Most of Moscow's frozen cash is held in Belgian bank depository Euroclear. The EU wants to extend a loan to Ukraine, which is running out of money to fight the Russian invasion of the country. But Russia wants to block that loan and accuses the EU of theft.
The Central Bank filed the suit in the Moscow City Arbitration Court as a warning to the EU. It said in a statement that Euroclear was participating in "unlawful activities" and that it filed the suit because the EU's executive was "considering proposals for direct or indirect use of Bank of Russia assets without authorization."
"A Moscow court cannot force Euroclear to comply, and any ruling would be unenforceable abroad," said Alexandra Prokopenko, a former Russian Central Bank official and a fellow at the Carnegie Russia Eurasia Center, told The New York Times.
Related
