The Euroclear securities depository says it is prepared to take legal action against any European institutions involved in seizing Russia’s frozen assets in the EU— in any form — to transfer them to Ukraine, if that happens, said CEO Valerie Urbain in an interview with Le Monde.
Urbain believes any steps “that even remotely resemble confiscation” of Russian assets would be illegal, the paper reports.
She also warned of potential litigation from Russia, arguing that such a move would violate international law.
Urbain said Euroclear’s reputation is at stake: “For Euroclear, the most important things are reliability and trust. We are a critical link that must remain dependable for the stability of financial markets.”
If the European Union nonetheless adopts a decision that resembles confiscation, and Euroclear’s board concludes it harms the firm’s operations, the company could respond “through the courts,” she said.
“There are laws. Depending on the legal framework, we will decide what we can and want to do,” she said.
Urbain added that no lawsuit has been prepared yet, but since 2022 Euroclear has expanded its legal team “from about a dozen to around 200 employees.”
Euroclear not convinced seizure talk will turn into action
Urbain said she first heard discussion of a possible seizure of Russia’s frozen EU assets in the news, when German Chancellor Friedrich Merz raised the issue in late September.
She said European leaders did not consult her, even though Euroclear is the depository holding the assets.
Urbain views EU leaders’ statements on the matter with skepticism. “For three years, we’ve heard big declarations from all these political figures in the press. This was just one of many,” Le Monde quotes her as saying, noting she said it “with a smirk in her voice.”
Decision on frozen Russian assets in EU expected in December
Euroclear holds €193 billion in frozen Russian assets, most of it - €180 billion - belonging to Russia’s central bank.
For now, the funds are already being used de facto to support Ukraine’s defense against Russia’s invasion - the EU is transferring the interest accruing on those assets to Kyiv.
In the first six months of 2025 alone, the EU sent Ukraine €10.1 billion from those earnings.
A proposal from European leaders envisions providing Ukraine with €140 billion in interest-free loans backed by the frozen assets.
Russia would have the right to reclaim its assets, but only after paying reparations to Ukraine.
European Commission President Ursula von der Leyen reiterated support for seizing Russian assets on November 13.
But several EU countries oppose the move — not only pro-Russian leaders in Hungary and Slovakia, but also Belgium, where Euroclear’s headquarters are located.
For Belgium, the key issue is protection from financial and legal risks. /ru/premer-belgii-predupredil-o-riskah-pri-ispolzovanii-zamorozennyh-aktivov-rf/a-74217310
Moscow is staunchly against the use of the frozen assets or the profits from them by other countries.
More than 100 lawsuits have been filed against Euroclear over the issue.
According to sources close to the depository, Russia has already confiscated €33 billion in assets belonging to Euroclear clients that are held at Russia’s central securities depository in Moscow.
EU leaders are expected to decide on the full-scale use of frozen Russian assets at a summit scheduled for December 18–19.
