The Russian central bank has launched legal proceedings against Euroclear, the Brussels-based financial institution holding around €185 billion in frozen Russian assets following the invasion of Ukraine.
According to the Russian state news agency Tass, the case has been brought before an arbitration court in Moscow.
Euroclear has been holding the assets since Western sanctions were imposed on Russia after the start of the war, making the frozen funds a key point of contention between Moscow and European authorities.
Belgium under pressure
The EU wants to unlock the assets held at Euroclear and use them as a reparations loan to Ukraine. In recent weeks, Belgium has come under fire for its refusal to agree to the plan.
The government fears the financial and legal repercussions if the EU pushes through the proposals, which are backed by German Chancellor, Friedrich Merz.
Belgian Prime Minister Bart De Wever is demanding firm guarantees from the European Commission and the other member states to share the risks involved.
Today, De Wever is in London to discuss the issue with British Prime Minister Sir Keir Starmer. According to Politico, the men are also expected to talk about migration, security and economic growth.
