Russia’s central bank announced on 12 December 2025 that it is suing the Belgium-based Euroclear financial group in the Moscow Arbitration Court. The lawsuit stems from what the bank describes as illegal actions by Euroclear, which holds Moscow’s frozen international reserves. These assets, amounting to around 200 billion euros ($232 billion), were immobilised by the EU. This action followed Russia’s 2022 assault on Ukraine, amidst the unfolding Russia-Ukraine conflict.
The central bank stated that Euroclear’s actions have caused damage by preventing management of funds and securities belonging to Russia. It did not specify if the lawsuit had already been filed or detail the nature of the damages. This move comes as the EU pushes to use the frozen assets to support Ukraine financially.
Background and Next Steps in the Russia-Ukraine Conflict
The Russia-Ukraine conflict has seen ongoing economic and military pressures since February 2022. G7 countries have already utilised interest from the frozen assets to fund a $50 billion loan for Ukraine. Russia has repeatedly condemned the asset freeze as illegal and warned that further use of the funds would constitute theft.
EU leaders aim to finalise a deal at their 18-19 December 2025 summit. This is despite resistance from Belgium due to fears of Moscow’s retribution. Under the proposed scheme, Euroclear would loan the money to the EU. The EU would then lend it to Kyiv, with repayment tied to potential Russian compensation for damages in Ukraine. On 11 December 2025, EU member states agreed to maintain the freeze indefinitely. They will do so without six-month renewals as part of strategic moves in the Russia-Ukraine conflict.
Meanwhile, military actions continue. Debris from a Ukrainian drone struck an apartment block in Tver, 180 kilometres northwest of Moscow, on 12 December 2025, injuring seven people including a child. Regional interim governor Vitaly Korolyov reported that about 20 residents were evacuated after the debris caused a fire and smashed windows. This incident follows Russia’s claim on 11 December 2025 of downing over 300 Ukrainian drones. This led to hundreds of flight cancellations at Moscow airports. Ukraine states its drone strikes target Russian military and energy infrastructure.
Responses from Involved Parties
Euroclear declined to comment directly on the lawsuit but noted it is fighting more than 100 legal claims in Russia, according to a spokesman. Russia’s central bank provided no further details on the suit’s implications. Within the Russia-Ukraine conflict zone, Ukrainian officials did not respond to the drone incident reports by publication time. No immediate responses were available from EU officials on the lawsuit.
