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Euroclear to go bust if Russian asset seizure plan executed — depository head

Valerie Urbain warned that if the plan is approved at the EU summit on December 18-19, Euroclear is "ready to challenge it in court"

BRUSSELS, December 5. /TASS/. The plan to expropriate Russian assets as proposed by the European Commission is unrealistic and will lead to the bankruptcy of the Euroclear depository, depository head Valerie Urbain said in an interview with Belgian television channel RTBF.

"As presented today, the asset solution on the table is unrealistic," she said, stressing that this plan "threatens to bankrupt Euroclear" and carries serious financial risks for Belgium.

She warned that if the plan is approved at the EU summit on December 18-19, Euroclear is "ready to challenge it in court."

Unfeasible plan

Urbain confirmed that Euroclear currently holds 185 billion euros in frozen Russian assets. She warned that if, after the expropriation of the assets, Russia were to recover this money from the depository, for example through legal action, this would mean its bankruptcy, since "it concerns an amount equivalent to 10-15% of Belgium's GDP."

She also warned of the risk of foreign capital outflow from Euroclear following this decision.

"The stability of financial markets is also at stake. Given the risks and systemic role of Euroclear in European and global financial markets, any erosion of confidence in the financial infrastructure could destabilize the financial health not only of Belgium but of the global financial system as a whole," she said.

Urbain underscored that the European Commission's proposal violates international norms and that this money "must one day be returned to the Russian Central Bank."

EC intentions

On December 3, the European Commission presented its plan for the expropriation of Russian sovereign assets blocked in Europe under the guise of a so-called "reparations loan" to Ukraine. The EC proposed appropriating all 210 billion euros in assets blocked in the EU, of which 185 billion euros are blocked in Euroclear accounts, while the location of the remaining 25 billion euros is unknown. Of this amount, the European Commission intends to take control of 165 billion euros and use it to finance Ukraine in 2026-2027, while using the remaining 45 billion euros to cover loans already issued to Ukraine starting in 2024, with interest paid from the reinvestment of Russian assets.

Inevitable response

Earlier, Russian Ambassador to Belgium Denis Gonchar stated in an interview with TASS that, no matter how the expropriation of Russian assets is carried out, it would be a theft. He warned that Russia's reaction "will follow immediately" and force the West to "count its losses.".

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