MOSCOW, Dec 12 (Reuters) - Russia's central bank on Friday said published proposals by the European Union to use its assets are illegal and that it reserves the right to employ all available means to
Russian Central Bank Calls EU Asset Use Plans Illegal
MOSCOW, Dec 12 (Reuters) - Russia's central bank on Friday said published proposals by the European Union to use its assets are illegal and that it reserves the right to employ all available means to protect its interests.
"Mechanisms of direct or indirect use of the assets of the Bank of Russia, as well as any other forms of unauthorized use of the assets of the Bank of Russia, are illegal and contrary to international law, including violating the principles of sovereign immunity of assets," the bank said.
The bank referred to an EU Commission press release, published on December 3 which outlined two solutions to support Ukraine's financing needs in 2026 and 2027.
Under one of those solutions, the EU Commission would be able to borrow cash balances from EU financial institutions holding frozen assets of the Russian central bank assets to issue a reparations loan for Ukraine.
Russian officials have repeatedly said such action would be met with "the harshest reaction".
The central bank said implementation of such plans will be challenged in "national courts, judicial authorities of foreign states and international organizations, arbitral tribunals and other international judicial instances, followed by the enforcement of judicial decisions in the territories of UN member states".
(Reporting by Anton Kolodyazhny and Gleb Bryanski; Editing by Vladimir Soldatkin and Christopher Cushing)
