BRUSSELS, November 13. /TASS/. Transferring frozen Russian assets to the European Union or placing them under the control of a newly created entity wouldn't be a wise move for Euroclear, Chief executive officer of the Belgian depository Valerie Urbain said.

"When I hear the word transfer, I cannot help but react: it is impossible to transfer only the assets while forgetting about the liabilities! That would create a massive imbalance and lead to Euroclear’s bankruptcy," she said in an interview with Le Soir newspaper. Urbain also described the legal proceedings that the Bank of Russia has already initiated against Euroclear as an additional risk factor, calling it a "sword of Damocles."

The EU and G7 countries have frozen around 300 bln euros in Russian assets. Approximately 180 bln euros are held in the Belgian depository Euroclear. Participants of the EU summit held late last year failed to reach an agreement on the expropriation of frozen Russian assets under the guise of a reparation loan for Ukraine. Instead, they decided to provide 90 bln euros to Kiev for the 2026-2027 period, financed through a loan. The depository has repeatedly opposed the expropriation of Russian funds, warning that this could lead to Russia seizing European or Belgian assets located elsewhere in the world through legal proceedings.

On October 9, the Spanish newspaper El Pais reported, citing an official in Brussels, that the European Commission was exploring the creation of a special entity to hold frozen Russian assets, with the aim of spending them on support of Ukraine. The plan involves segregating assets held by the depository Euroclear and transferring them into the new structure, a move intended to distribute legal risks among EU member states.

The Russian side has repeatedly pointed out that the use of frozen Russian assets by European countries amounts to robbery, qualifies as a crime, and will be punished.