MOSCOW: The Central Bank of Russia stated on Thursday that it will seek compensation from European banks for damages incurred from the blocking of its funds in Europe, according to a statement published on its website.

The central bank stated it will seek compensation from European banks through an arbitration court for the illegal freezing of assets.

The first lawsuit was filed by the central bank against the Belgian depositary Euroclear in the Moscow Arbitration Court. The claim amounts to approximately 196 billion euros (approximately 229 billion U.S. dollars).

“Disposing of our sovereign assets without the consent of Russia — whether it is indefinite blocking, seizure, or an attempt to present their de facto confiscation as some kind of ‘reparations loan’ — is an absolutely illegal act that grossly violates the norms of international law,” said Russian Foreign Ministry spokesperson Maria Zakharova.

On Dec. 12, the Council of the European Union temporarily prohibited any transfers within the bloc of immobilized assets belonging to Russia’s central bank back to Russia, citing the ongoing conflict in Ukraine.