Euroclear Threatens Court Fight Over EU Push to Tap Frozen Russian Assets

Overview

• Euroclear chief Valerie Urbain said the custodian is prepared to go to court to block any EU order to confiscate Russian sovereign assets, noting its legal team has expanded from about a dozen to 200 since 2022.
• Urbain warned that confiscation, even via indirect schemes tied to loans, could damage the eurozone by discouraging international investment in Europe.
• French Minister Benjamin Haddad urged that loan proceeds backed by income from frozen Russian assets be used by Ukraine to buy European weapons, stating outright confiscation would violate international law but income-backed lending should not.
• Roughly €180–€210 billion in Russian sovereign assets are frozen at Euroclear in Belgium, a sliver of its €42.5 trillion in total holdings yet a concentration that has raised concern over potential retaliation exposure.
• Belgium blocked the European Commission’s expropriation plan at the October 23 summit, the issue is slated for European Council talks in December, the Commission is preparing lending options for 2026–2027, and Russia has warned of immediate retaliation if assets are seized.