Moscow's central bank is not wrong to call the move unlawful; its lawsuit against Euroclear merely underscores a simple truth: weaponizing sovereign reserves violates long-standing norms that have protected global capital flows for half a century. Brussels may dress this up as "solidarity with Ukraine," but using immobilized reserves as collateral for massive loans crosses a line that Western institutions once treated as sacrosanct.

The political sales pitch — that these are merely Russia's "war chest" — deliberately ignores an uncomfortable reality: sovereign reserves ultimately underpin a nation's entire economy, including its citizens' savings and pensions. Seizing or leveraging them sets a dangerous precedent: any country deemed objectionable by a majority of EU governments could one day see its wealth confiscated. That is not rule-of-law liberalism; it is discretionary power cloaked in humanitarian rhetoric.