Valérie Urbain, the head of the Belgian depository Euroclear, says the company may take legal action against European institutions if Brussels decides to confiscate frozen Russian assets.
She told Le Monde: “There are laws. Depending on the legal framework, we will decide what we can and want to do.” Asked whether Euroclear might file lawsuits, Urbain replied: “It’s not excluded,” though she acknowledged that her team has not yet prepared any materials.
Urbain insists that confiscation would contradict international law governing sovereign assets owned by a state, and stresses that Euroclear’s reputation and credibility remain paramount. “We are a critical link that must remain impeccable for the stability of financial markets,” she said.
She said the “worst-case scenario” would be using Russian funds to finance a loan to Kyiv while Euroclear remains liable for repayment. “If sanctions are lifted, Russia could knock on our door at any moment and demand its money back. Who would then give us €140 billion to transfer to them?” Urbain said.
Le Monde notes that such a scenario cannot be ruled out: sanctions against Moscow are renewed every six months, and each voting round depends on countries that oppose them—particularly Hungary and Slovakia.