Russia's central bank has initiated a lawsuit in Moscow seeking $230 billion in damages from Euroclear, the first action in what the Kremlin has promised will become a "legal nightmare" for the EU over its proposal to use frozen Russian assets to aid Ukraine.
The European Union wants to tap part of the roughly 210 billion euros ($246.60 billion) worth of Russian central bank assets frozen in Europe after Moscow invaded Ukraine in 2022 to back a loan for Kyiv's military and civilian needs in 2026 and 2027.
EU leaders agreed on Friday to indefinitely freeze the assets, arguing they must support Ukraine because if they don't, Moscow could one
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