The Council of the European Union on Friday moved to temporarily prohibit any transfers of immobilized assets belonging to Russia’s central bank back to Moscow, citing the ongoing war in Ukraine.
“This decision was taken as a matter of urgency to limit damage to the Union’s economy,” the Council said in a statement.
The measure bans direct or indirect transfers of Russian central bank assets or reserves, as well as transactions involving entities acting on its behalf.
The move locks in assets estimated at about 210 billion euros ($247 billion), with roughly 190 billion euros held at Euroclear, the Belgium‑based financial services company.
The Bank of Russia said it would pursue legal action in response, warning that the EU’s plans violate international law and the principle of sovereign immunity.