Euroclear is the securities depository based in Brussels, which holds tens of trillions in deposits from around the world. This includes the much-discussed €200 billion of frozen Russian assets. Many in the EU are pushing for this €200 billion to be seized and given to Ukraine, however, Belgian officials have been resisting, largely on the grounds that this would degrade the credibility of the West’s financial infrastructure and would welcome retaliations from other countries.
In a Nov. 15 interview with Le Monde, Euroclear Chief Executive Officer Valérie Urbain doubled down on her opposition to this. “We are an essential link that must remain infallible for the stability of financial markets.… We must be extremely vigilant. [That would go against] the international law of sovereign assets belonging to a state. Russia could then take legal action.”
