Euroclear leader issues fresh warning against the West seizing Russian assets
According to Euroclear’s CEO, Moscow’s actions may exacerbate instability in EU financial markets. Read Full Article at RT.com.
TroibNews 
Moscow's response could further destabilize EU financial markets, according to the CEO of the clearinghouse.
Valerie Urbain, CEO of Euroclear, issued a warning on Friday in an interview with Bloomberg about the outright confiscation of Russian assets currently frozen due to Ukraine-related sanctions. She cautioned that such actions could have unintended consequences for the European Union.
The Belgian-based depository holds approximately $213 billion of nearly $300 billion in Russian central bank assets that were frozen by the US and EU shortly after the escalation of the Ukraine conflict in February 2022.
“There could always be also countermeasures from Russia which could further destabilize the financial markets,” Urbain stated during the World Economic Forum in Davos, Switzerland.
Urbain noted that the frozen funds could serve as leverage in potential peace negotiations between Moscow and Kiev, though she acknowledged that some officials are keen on moving forward with confiscation.
She emphasized the necessity of transferring not just the funds, but also the liabilities, should EU members decide on expropriation, highlighting the need to protect the clearinghouse from potential claims by Russia.
In December, Urbain warned that utilizing either the Russian assets or their generated proceeds— a topic of discussion among EU and G7 officials for nearly three years—could threaten the euro’s status as a global reserve currency and destabilize EU finances.
Kiev has been pressing its Western allies to seize Russia’s sovereign assets to finance Ukraine’s military and reconstruction initiatives. While former US President Joe Biden's administration backed this proposal, some EU nations dismissed it, citing concerns over the impact on the financial system and the euro’s standing.
In July, the European Commission announced its readiness to transfer the first tranche of €1.55 billion derived from the frozen assets of the Bank of Russia to Ukraine.
Moscow, on the other hand, has denounced the asset freeze as “theft,” claiming that accessing these funds would be illegal and set a concerning precedent. Kremlin spokesman Dmitry Peskov cautioned that the Russian government would seek legal action against those involved in the seizure.
Jessica Kline contributed to this report for TROIB News
Valerie Urbain, CEO of Euroclear, issued a warning on Friday in an interview with Bloomberg about the outright confiscation of Russian assets currently frozen due to Ukraine-related sanctions. She cautioned that such actions could have unintended consequences for the European Union.
The Belgian-based depository holds approximately $213 billion of nearly $300 billion in Russian central bank assets that were frozen by the US and EU shortly after the escalation of the Ukraine conflict in February 2022.
“There could always be also countermeasures from Russia which could further destabilize the financial markets,” Urbain stated during the World Economic Forum in Davos, Switzerland.
Urbain noted that the frozen funds could serve as leverage in potential peace negotiations between Moscow and Kiev, though she acknowledged that some officials are keen on moving forward with confiscation.
She emphasized the necessity of transferring not just the funds, but also the liabilities, should EU members decide on expropriation, highlighting the need to protect the clearinghouse from potential claims by Russia.
In December, Urbain warned that utilizing either the Russian assets or their generated proceeds— a topic of discussion among EU and G7 officials for nearly three years—could threaten the euro’s status as a global reserve currency and destabilize EU finances.
Kiev has been pressing its Western allies to seize Russia’s sovereign assets to finance Ukraine’s military and reconstruction initiatives. While former US President Joe Biden's administration backed this proposal, some EU nations dismissed it, citing concerns over the impact on the financial system and the euro’s standing.
In July, the European Commission announced its readiness to transfer the first tranche of €1.55 billion derived from the frozen assets of the Bank of Russia to Ukraine.
Moscow, on the other hand, has denounced the asset freeze as “theft,” claiming that accessing these funds would be illegal and set a concerning precedent. Kremlin spokesman Dmitry Peskov cautioned that the Russian government would seek legal action against those involved in the seizure.
Jessica Kline contributed to this report for TROIB News
