On 3 December 2025, the European Commission published on its website the press release ‘Commission unveils two solutions to support Ukraine’s financing needs in 2026–2027’ and the draft regulation ‘Proposal establishing the Reparations Loan to Ukraine’, providing for unauthorised use of Bank of Russia assets held by European financial institutions, including the Euroclear depository.
In view of the above, the Bank of Russia makes the following statement
The proposed solutions where Bank of Russia assets may be used directly or indirectly, or any other forms of unauthorised use of Bank of Russia assets, are unlawful and contradict international law, including in respect of immunity of sovereign assets.
The release and implementation of the proposals announced on the European Commission’s website will certainly make the Bank of Russia challenge any direct or indirect activities that may result in the unauthorised use of Bank of Russia assets, file lawsuits with all available competent bodies, including national courts, judicial authorities of foreign states and international organisations, commercial courts, and other international judicial authorities, and seek enforcement of court decisions in UN member states.
The Bank of Russia reserves the right, without further notice, to apply all available remedies and protections if the proposed initiatives of the European Union are upheld or implemented.
