Euroclear Opposes EU Plans to Confiscate Russian Assets

Euroclear is prepared to sue the EU. As the head of the Belgian depository stated in an interview with Le Monde, the company is categorically opposed to the confiscation of Russian assets. Valérie Urbain emphasized that if the EU decides to take such a step, the depository will be forced to go to court, as such actions would violate international law.

Moscow could appeal the decision. Valérie Urbain also acknowledged that threats to seize Russian reserves worry many clients, including Arab and Chinese, as this would harm investment in the EU.

Moscow's assets worth €193 billion are currently frozen in the Belgian depository's accounts. Brussels is attempting to negotiate their confiscation for transfer to Ukraine.