Overview
- The Bank of Russia filed the annulment action on Feb. 27 and disclosed it on March 3, asking the EU General Court in Luxembourg to void the measure.
- The case contests the Council’s Dec. 12, 2025 regulation that bars any transfer of the central bank’s assets for an indefinite period and blocks enforcement of court or arbitral awards.
- Moscow argues the act violates access to justice, property rights and sovereign immunity and was adopted by qualified majority rather than unanimity.
- Western countries have immobilized about €300 billion in Russian sovereign assets, including roughly €185 billion at Belgium-based Euroclear, with around €210 billion locked under the EU’s current framework.
- In parallel, Russia has sued Euroclear in Moscow for 18.2 trillion rubles, while EU institutions seek consent to direct proceeds from the frozen holdings to support Ukraine.