The Russian Central Bank has declared the European Union's proposals to use its frozen assets illegal and said it reserves the right to take all available actions to protect its interests. This is stated in a statement published on its official website, BTA reports.
“Mechanisms for direct or indirect use of the assets of the Bank of Russia, as well as any other forms of unauthorized use, are illegal and contradict international law, including violating the principles of sovereign immunity“, the regulator stressed.
The bank refers to a press release from the European Commission dated December 3, which outlines two solutions for financing Ukraine's needs in 2026-2027, as well as a draft regulatory act of the same date. According to one of the decisions, the Commission may borrow funds from EU financial institutions holding frozen Russian assets to provide a reparation loan to Ukraine.
The regulator emphasizes that if these initiatives are actually implemented, “the Bank of Russia reserves the right, without further notice, to proceed to the use of all available legal and other mechanisms to protect its interests“.
Yesterday, the Danish EU presidency announced that it was initiating a procedure for a long-term freezing of the assets of the Russian Central Bank located in the territory of the union, in order to avoid the need to renew the decision every six months and to prepare a legal framework for the possible use of the funds in support of Ukraine. On the same day, Belgian Deputy Prime Minister Vincent van Petegem stated that the frozen Russian assets should be used to provide a loan to Ukraine.