Transferring Russian assets to new entity could trigger Euroclear's bankruptcy

Transferring Russian assets to new entity could trigger Euroclear's bankruptcy CEO of the Belgian depository Valerie Urbain stressed that it is impossible to transfer only the assets while forgetting about the liabilitiesBRUSSELS, 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. Russian oil exports up to 6.82 mbd in October, revenues up to $21.15 blnRevenues from exports increased by $3.61 bln month-on-month to $21.15 bln due to growth of oil pricesRead moreRussia withdraws from European Boxing Championship in Croatia citing lack of national flagThe decision was also prompted by problems concerning the issuance of entry visas to members of the Russian delegationRead moreBridge damage disrupts transport links across Dnieper in Kiev — lawmakerDamage to the bridges over the Dnieper has repeatedly paralyzed traffic in Kiev since late OctoberRead moreFormer Ukrainian prime minister calls Kiev’s demand to maintain 800,000-strong army absurdNikolay Azarov noted that Kiev needed financial guarantees from the EU because it was unable to maintain such large armed forces on its ownRead moreRussia does not expect lifting of sanctions against it in medium term — MFAWestern countries have recently begun to employ a sanctions policy with increasing frequency as they are losing their advantages, their "undisputed leadership," Alexander Trofimov saidRead morePress review: EU rejects security reform, stalls Ukraine peace as Armenia loses CSTO voteTop stories from the Russian press on Friday, November 13thRead moreRussian troops liberate two communities in Ukraine operation over past day — top brassUnits of Russia's Battlegroup Center liberated the settlement of Shilovka in the DPR and servicemen of the Battlegroup East liberated the settlement of Voskresenka in the Zaporozhye Region through decisive operationsRead moreUS refrains from tougher measures against Iran on request from regional countries — TrumpUS President Donald Trump stressed that if not for that request, he could go furtherRead moreOver 1,000 foreign mercenaries wanted internationally — Russian investigators284 mercenaries had been convictedRead moreRussian forces push Ukrainian troops 30 km from state border in Sumy Region — expertAndrey Marochko specified that the Russian military continues to steadily expand the buffer zone in this areaRead more