Euroclear Chief Warns EU Plan to Tap Frozen Russian Reserves Threatens Financial Stability

Overview

• Valérie Urben told FAZ the proposed "reparations loan" is uncharted territory that could damage investor confidence in Europe.
• Urben said other central banks have asked about the safety of their reserves at Euroclear and called the plan an unacceptable position for the custodian.
• She argued Russian central bank funds are protected by sovereign immunity, warned of legal risks, and threatened court action if the measure is forced through.
• Belgium, Hungary, the ECB, and Euroclear oppose the scheme, France objects to using Russian assets in commercial banks, yet the Commission is pushing for a mid‑December EU summit decision on a €185–210 billion package.
• Belgium's Soir reported NATO intelligence scrutiny of Euroclear staff, including a French employee with frequent travel to Russia, a claim internal Euroclear sources dispute as unrelated to asset access.