Euroclear Threatens Legal Action Against EU
The depository, which manages approximately $46 trillion in securities for financial institutions worldwide each year, currently holds about $200 billion of the $300 billion in Russian Central Bank assets frozen by Western nations following the escalation of the Ukraine conflict in 2022.
Urbain emphasized that any attempt at confiscation would be unlawful, and Euroclear is ready to pursue litigation against the EU if it is forced to act in such a manner.
“There are laws. Depending on the legal framework, we will decide what we can and want to do,” she said.
When asked for further details, Urbain acknowledged that legal proceedings are “not out of the question,” highlighting the seriousness of the potential dispute.
Meanwhile, European Commission President Ursula von der Leyen has advocated using the frozen Russian funds to support a €140 billion ($160 billion) loan to Ukraine.
Belgium, however, has opposed the plan, insisting that any legal and financial risks must be shared across the EU.
The EU’s move to classify interest accrued on the immobilized Russian assets as “windfall profits” – which would not belong to Moscow – and redirect them to finance Kiev, has already raised complex legal questions.
Nonetheless, Western supporters of Ukraine appear increasingly inclined to consider seizing Russia’s sovereign funds, as recent reports from media outlets suggest that ongoing aid cannot be sustained without tapping these frozen assets.
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