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”.