Brussels [Belgium], December 13: The Council of the European Union (EU) on Friday decided to temporarily prohibit any transfers of immobilized assets belonging to the central bank of Russia within the bloc back to Russia, citing the ongoing conflict in Ukraine.
"This decision was taken as a matter of urgency to limit damage to the Union's economy," the Council said in a statement.
The measure bans any direct or indirect transfer of assets or reserves of the central bank of Russia, as well as transactions involving "any legal person, entity or body acting on behalf of, or at the direction of, the central bank of Russia," according to the statement.
The move would lock in assets estimated at around 210 billion euros (247 billion U.S. dollars). The bulk of the assets, approximately 190 billion euros, is held at Euroclear, a Belgium-based financial services company.
The Bank of Russia said the same day that it would take legal action in response to EU plans involving the use of its assets, warning that such measures violate international law and the principle of sovereign immunity.
Source: Xinhua News Agency
