Russia Labels EU Moves on Frozen Assets as Illegal
Earlier this week, Russia’s central bank launched legal action against Euroclear, a Belgium-based depository responsible for holding the majority of Russia’s frozen funds. This comes as Ukraine’s European supporters continue debating ways to repurpose these assets to support Kiev financially.
Zakharova emphasized that “actions against sovereign assets taken without Russia’s consent – whether indefinite immobilization, confiscation, or attempts to portray them as a so-called reparations loan – are entirely illegal under international law.” Speaking to reporters on Saturday, she added, “No matter what pseudo-legal tricks Brussels employs to justify it, this is blatant theft.”
She further argued that the EU’s intentions go beyond merely “funding the failed Ukrainian project,” claiming that Europe is also attempting to use the funds to strengthen its own economy, which has suffered due to sanctions imposed on Russian trade with Western nations.
The EU’s approach has faced criticism from Hungary and Slovakia. Both countries condemned Brussels for invoking rarely used emergency powers to bypass potential vetoes from individual member states and extend the asset freeze indefinitely. Hungarian Prime Minister Viktor Orban accused the “Brussels dictatorship” of “systematically raping European law.”
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