Overview
- Euroclear chief Valerie Urbain said the depository is prepared to go to court to block any EU order to confiscate Russian reserves frozen since 2022.
- Urbain warned that forced confiscation could damage the eurozone’s financial standing and deter global investors, noting Euroclear has bolstered its legal team.
- Roughly €180–€210 billion in Russian sovereign assets are immobilized in Europe, the bulk of them held at Euroclear in Belgium.
- French Europe minister Benjamin Haddad argued that using income from the frozen assets to secure loans is lawful and should finance Ukraine’s purchases of European weapons.
- EU leaders postponed a decision on the assets until a December summit after Belgium opposed expropriation and sought guarantees to share any financial risks, as Russia threatened retaliation if assets are seized.