Russia’s central bank to approach court  amid EU plans to confiscate frozen assets

MOSCOW, Dec 12: Russia’s central bank on Friday described the European Union’s decision to freeze its assets as “illegal actions” and threatened to file lawsuits to recover damages. The Bank of Russia intends to recover damages caused to the Russian regulator from the Belgian depository Euroclear and will file a corresponding lawsuit in the Moscow Arbitration Court, a statement from the bank said. The central bank made this decision “in connection with the illegal actions of the Euroclear depository,” as well as due to the mechanisms officially being considered by the European Commission for the direct or indirect use of the Bank of Russia’s assets without its consent, it said. Earlier, the European Union (EU) declared to keep the Russian bank’s assets frozen “for foreseeable future”