Russia will move to the courts to recover the $300 billion in foreign currency-denominated reserves frozen by the West in response to the Kremlin's invasion of Ukraine.

"This is an unprecedented [asset] freeze, so we are preparing [the delivery] of court cases," assured Elvira Nabiullina, governor of the Central Bank of Russia, as quoted by Interfax.

Currently, the Russian institution is unable to access nearly half of its $609.4 billion reverses, and has therefore imposed financial and currency restrictions on the Russian economy, forcing Russian gas payments in rubles and ordering the country's exporting companies to convert revenues raised abroad into rubles.

So far, after the U.S. banned the Kremlin's access to reserves even for payments to creditors of foreign currency-denominated debt, Russia is in default on two debt lines.

Contacted by the Financial Times, an official source at the European Commission stressed that the sanctions applied are based on a "very clear legal framework".

"The EU sanctions mechanism allows all those who have been sanctioned to appeal this decision to the European court," clarified Peter Stano, a spokesman for the European Commission.

"There is a legal path that can be explored. What the Russian authorities will do is in their hands," added the spokesman who also made a point of stressing that the "reason for imposing the sanctions is very clear, based on a clear legal framework: [Russia's] illegal aggression against Ukraine and its people."