Russia’s central bank has filed a lawsuit against Belgium-based financial clearing house Euroclear, seeking $230 billion in compensation for frozen sovereign assets. The case, accepted by a Moscow commercial court on December 12, follows the European Union’s plan to use part of the seized Russian reserves to fund loans for Ukraine’s military and civilian needs in 2026 and 2027. The Kremlin described the move as the beginning of a “legal nightmare” for Europe. After Russia’s 2022 invasion of Ukraine, EU states froze roughly €210 billion of Russian central bank assets. EU leaders recently agreed to keep these assets frozen indefinitely, arguing that supporting Ukraine is essential to deter future Russian aggression. Moscow, however, calls the EU’s plan “theft” and warns it will erode global trust in the euro and European financial institutions. Legal experts suggest Russian courts may rule quickly in Moscow’s favor. If successful, Russia could seek to seize Euroclear’s assets in friendly jurisdictions such as China, the UAE, and Kazakhstan. The dispute underscores deep divisions within Europe and raises concerns about the precedent of confiscating sovereign assets during wartime.