Russia's central bank seeks $230 billion in damages from Belgium's Euroclear, Moscow court says

Russia's central bank has filed a lawsuit seeking 18.2 trillion roubles ($229.36 billion) in damages from Belgian central securities depository Euroclear, a Moscow court said on Monday.

Euroclear holds most of the assets that were frozen by the European Union after Russia launched military action in Ukraine. The lawsuit is a response to EU's plans to use the frozen assets for financial help for Ukraine.

The Moscow court is widely expected to issue a swift ruling in favour of the central bank, which can then pursue its execution in other jurisdictions.

The EU government agreed on December 12 to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Russia.

The central bank said on the same day that EU plans to use its assets were illegal and it reserved the right to employ all available means to protect its interests.