The head of Euroclear, Valery Orbein, warned that the confiscation of frozen Russian assets could create direct financial risks for Belgium. In case of serious problems, the official will first have to rely on the support of the shareholders, among them the Belgian state, so that in extreme cases the costs could fall on the taxpayers.
According to Orban, Euroclear's own reserves are insufficient to safely survive a unilateral confiscation or forced transfer of Russian funds. Blocked assets make up more than 80% of the deposit balance, so any decision regarding them directly affects the company's financial stability.
Litigation and possible retaliatory measures by Russia remain an additional risk. Therefore, Euroclear warns the European authorities against hasty legislative decisions, the consequences of which can be much wider than an immediate transfer of funds.
More than 200 billion euros of Russian assets are currently frozen in EU countries, and the bulk of them are located in Euroclear. Therefore, the issue of their possible confiscation is gradually turning from a political discussion into a problem of financial stability of the European pool itself and its shareholders.