https://sputnikglobe.com/20241211/seizure-of-frozen-russian-assets-is-eu-setting-a-legal-trap-for-euroclear-1121149600.html
Seizure of Frozen Russian Assets: Is EU Setting a Legal Trap for Euroclear?
Seizure of Frozen Russian Assets: Is EU Setting a Legal Trap for Euroclear?
Sputnik International
Valerie Urbain, CEO of Euroclear which holds $200 billion in frozen Russian Central Bank assets, told Bloomberg that if the European Union (EU) decides to confiscate the money, the financial services company should be exempt from any liabilities.
2024-12-11T14:51+0000
2024-12-11T14:51+0000
2024-12-11T14:51+0000
economy
business
donald trump
jacques sapir
russia
ukraine
european union (eu)
russian central bank
frozen assets
sanctions
https://cdn1.img.sputnikglobe.com/img/106621/80/1066218032_0:60:1920:1140_1920x0_80_0_0_b978902e647065dcf76a514e5300afd1.jpg
What are Euroclear's concerns?Urbain suggests Russia's frozen money may be seized if incoming US President Donald Trump cuts off aid to Ukraine.Confiscating the Russian assets poses severe risks to the euro currency and the broader stability of Europe’s finances, she warns. Euroclear could also face legal challenges from Moscow to any moves to confiscate its foreign-held funds, a senior EU official told Reuters in March. Moscow could seize the €33 billion ($34.6 billion) of Euroclear money held in Russia and take legal action to sequester Euroclear assets in Hong Kong and Dubai, the official cautioned.Sputnik pundit and French economist Jacques Sapir warned in October 2023 that the confiscation of Russia's frozen assets would be theft – leading to legal action.Urbain's predecessor Lieve Mostrey warned the EU in February against seizing the frozen Russian money, adding that "the risk is a bit lower" if the EU appropriates the interest owed on the frozen sovereign assets.But in October the European Commission moved to consider allowing Euroclear to take the frozen Russian assets, despite the risks. Euroclear complains that it faces “a significant number of legal proceedings ongoing, almost exclusively in Russian courts”.
https://sputnikglobe.com/20240313/theft-of-frozen-russian-assets-may-lead-to-financial-crisis-in-the-west-1117312032.html
russia
ukraine
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
frozen russian assets, russian central bank's assets frozen, euroclear, valerie urbain, euroclear wants to be exempt from any liabilities if russian frozen assets are confiscated by the eu, aid to ukraine, anti-russian sanctions
frozen russian assets, russian central bank's assets frozen, euroclear, valerie urbain, euroclear wants to be exempt from any liabilities if russian frozen assets are confiscated by the eu, aid to ukraine, anti-russian sanctions
Seizure of Frozen Russian Assets: Is EU Setting a Legal Trap for Euroclear?
Valerie Urbain, CEO of Euroclear which holds $200 billion in frozen Russian Central Bank assets, told Bloomberg that if the European Union (EU) decides to confiscate the money, the financial services company should be exempt from any liabilities.
What are Euroclear's concerns?
Urbain suggests Russia's frozen money may be seized if incoming US President Donald Trump cuts off aid to Ukraine.
Confiscating the Russian assets poses severe risks to the euro currency and the
broader stability of Europe’s finances, she warns.
Euroclear could also face
legal challenges from Moscow to any moves to confiscate its foreign-held funds, a senior EU official told Reuters in March. Moscow could seize the €33 billion ($34.6 billion) of Euroclear money held in Russia and take legal action to sequester Euroclear assets in Hong Kong and Dubai, the official cautioned.
Sputnik pundit and French economist Jacques Sapir
warned in October 2023 that the confiscation of Russia's frozen assets would be theft – leading to legal action.
Urbain's predecessor Lieve Mostrey warned the EU in February against seizing the frozen Russian money, adding that "the risk is a bit lower" if the EU appropriates the interest owed on the frozen sovereign assets.
But in October the European Commission moved to consider allowing Euroclear to take the frozen Russian assets, despite the risks. Euroclear
complains that it faces
“a significant number of legal proceedings ongoing, almost exclusively in Russian courts”.
