EU plan to move frozen Russian money would be ‘expropriation’ – Euroclear

The scheme would violate international law and trigger legal and market risks, the depository’s CEO has said

European Union plans to move frozen Russian sovereign assets into riskier investments would amount to expropriation, the Belgium-based settlement house Euroclear has warned.

In an interview with the Financial Times published Wednesday, Euroclear Chief Executive Valerie Urbain said such a move could expose the EU’s financial system to both legal and systemic risks.

Since the escalation of the Ukraine conflict in 2022, the US and EU have frozen more than $300 billion in Russian state assets. In May, the EU approved a plan to channel…

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