Russia’s central bank calls move illegal; threatens to file lawsuits in arbitration court to recover damages

The European Union is expected on Friday to lock up Russia’s assets held in Europe until it gives up its war in Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years. Hungarian Prime Minister Viktor Orban — Russian President Vladimir Putin’s closest ally in Europe — accused the European Commission, which prepared the decision, “of systematically raping European law”.

A total of 210 billion euros ($247 billion) in Russian assets are frozen in Europe. The vast majority of the funds — around 193 billion euros ($225 billion) at the end of September — are held in Euroclear, a Belgian financial clearing house. The money was frozen under

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