Russian Central Bank still supports filing lawsuits to return country's international reserves

ST. PETERSBURG. May 11 (Interfax) - The Bank of Russia has not abandoned the idea of filing lawsuits in connection with the freezing of the country's international reserves, and is conducting preparatory work to have them returned.

"We are not talking about a lawsuit, but about lawsuits, probably considering the fact that these are different jurisdictions. And this topic is truly being studied," State Secretary, Deputy Chairman of the Central Bank Alexei Guznov told reporters, answering a question whether the regulator had turned down ideas for filing claims in connection with the freezing of Russia's reserves.

The Bank of Russia continues to work on the return of its international reserves in dollars and euros, Central Bank Governor Elvira Nabiullina said in April, speaking in the State Duma.

"Elvira Sakhipzadovna, in her speech, spoke about the difficulties that exist in terms of interaction, including with lawyers from the countries where this needs to be organized," Guznov told reporters on the sidelines of the St. Petersburg International Legal Forum.

"The work itself should not call attention to itself; there is no need to talk about it. I think when all the necessary materials are prepared, and all the necessary preparatory work is done, the public will be accordingly informed that active processes have begun. Unfortunately, now, there is nothing more that can be said," the deputy chairman of the Central Bank said.

In the spring of 2022, the EU, the US and a number of other countries froze Russia's international reserves in response to its actions on the territory of Ukraine. The sanctions have deprived Russia of access to some $300 billion in reserves. Nabiullina announced the preparation of lawsuits in this regard in the spring of 2022.

Russia's international reserves as of April 28, 2023 reached $598.9 billion, while as of January 6, 2023 they were $582 billion.