Russia hits back at Europe's big plan to loan Moscow's frozen cash to Ukraine

Russia's central bank says it is suing Belgium's Euroclear in court following an EU bid to use Russian assets to aid Ukraine.

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For Europe, the solution to plugging Kyiv's budget hole of €135.7bn (£119bn; $159bn) for the next two years lies in frozen Russian assets sitting in Belgian bank Euroclear and EU leaders hope to sign that off at their Brussels summit next week.

Russian officials warn the EU plan would be an act of theft and Russia's central bank announced on Friday it was suing Euroclear in a Moscow court even before a final decision is made.

In total, Russia has about €210bn of its assets frozen in the EU, and €185bn of that is held by Euroclear.

The EU and Ukraine argue that money should be used to rebuild what Russia has destroyed: Brussels calls it a "reparations loan" and has come up with a plan to prop up Ukraine's economy to the tune of €90bn.