MOSCOW, March 3. /TASS/. The Bank of Russia has submitted a claim to the Luxembourg-based General Court of the European Union to challenge the EU’s regulation that introduces an indefinite blocking of the regulator’s assets, as well as excludes the possibility of judicial protection of the infringed rights to the assets, the press service of the Central Bank reported.
"The claim was submitted in accordance with Article 263 of the Treaty on the Functioning of the European Union as part of the ongoing efforts to challenge the European Union’s unlawful actions against the Bank of Russia’s sovereign assets. The EU Regulation prohibits any direct or indirect transfer of the Bank of Russia’s assets for an indefinite period and excludes the possibility of judicial protection of the infringed rights to the assets, including through the enforcement of any court decisions or arbitration awards in connection with the measures introduced by this act," the regulator said.
The EU regulation violates the basic and inalienable rights to access justice, inviolability of property, and the principle of sovereign immunity of states and their central banks, guaranteed by international treaties and European Union law. "[This] contradicts the fundamentals of the rule of law and cannot be regarded as compatible with the principle of supremacy of law," according to the report.
