Euroclear announces readiness to challenge possible confiscation of Russian assets in court
16 November 01:16
Valerie Urbain, the head of the international depository Euroclear, said in an interview with Le Monde newspaper that she was ready to challenge the decision of the European Commission and the EU Council to confiscate Russia’s assets in court, "Komersant Ukrainian" reports.
“There are laws. Depending on the legal framework, we will decide what we can and want to do,” she said.
According to her, it is possible to go to court if European authorities want to force the depository to take such a step.
In addition, Urben noted that since 2022, Euroclear’s legal department has been increased from a dozen to 200 employees.
The confiscation of Russian assets, even if it is disguised, will create risks for the entire euro area, the head of the depository added. Currently, many countries are expressing concern about how possible economic pressure on Russian funds could affect the investment climate in Europe.
on November 11, Politico reported that the European Commission failed to convince Belgium to confiscate frozen Russian assets. According to journalists, the Belgian authorities insisted during the consultations that other EU countries provide financial guarantees for the loan to Ukraine.
on November 1, it became known that Euroclear, where most of the assets of Russian investors are blocked, began to unfreeze them without the need to obtain a license from the United States. The transfers without Washington’s permission were made shortly after Belgian Prime Minister Bart de Vever promised to block the confiscation of Russia’s assets if the EU did not share the risks of Moscow’s retaliatory actions.
