Russia calls EU plans to use frozen assets illegal

(MENAFN) Russia has denounced any EU attempts to access its frozen central bank assets as illegal under international law. Speaking Saturday, Foreign Ministry spokeswoman Maria Zakharova said that actions taken without Moscow’s consent—including indefinite immobilization, confiscation, or attempts to frame the funds as a “reparations loan”—constitute “blatant theft.”

The comments follow legal proceedings initiated by Russia against Euroclear, a Belgian-based depository holding the bulk of the frozen assets, amid EU debates over using the funds to support Ukraine. Zakharova argued that beyond financing Kyiv, the EU seeks to use the assets to offset its own economic losses caused by sanctions on Russian trade.

Hungary and Slovakia have criticized the EU for invoking emergency powers to bypass member state vetoes and extend the freeze indefinitely. Hungarian Prime Minister Viktor Orban described the move as systematic violations of European law. Meanwhile, Italy, Belgium, Bulgaria, and Malta have urged the European Commission to explore alternative ways to fund Ukraine, warning that confiscation risks undermining financial stability and exposing member states to legal challenges.

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