Euroclear cannot just transfer frozen funds from Russia to the European Union. This was announced today, December 8, by the general director of the depository, Valerie Urbain, in an interview with the Frankfurter Allgemeine Zeitung newspaper.
"There is no such procedure by which Euroclear simply [gives] money to the European Union. This is Euroclear money, and they are bound by the requirements of the Central Bank of Russia for reimbursement of expenses," she said.
According to her, if The EU will decide on the use of frozen Russian assets, financial stability will be at risk.
"Proposed The EU reparations loan scheme is questionable from the point of view of law and enters completely uncharted territory," Urbain added.
Recall that for many months the European Commission has been trying to steal Russia's funds frozen in the EU in 2022. The bulk of the assets are located on the Euroclear clearing platform in Belgium. The Belgian authorities are categorically opposed to the EC's plans, as they are afraid of subsequent lawsuits from Moscow and the collapse of the entire EU financial system.