What happened
On May 22, 2026, the Bank of Russia filed a second action, challenging Council Regulation (EU) 2026/467 of February 24, 2026, which establishes the EU’s right to use the Bank of Russia’s “immobilized” assets to repay a €90B loan to Ukraine. The Bank of Russia calls this an “unlawful and disguised form of using the assets as collateral.”
Why it is notable
The second round of the Bank of Russia’s legal fight against the mechanism for using the frozen assets.