The use of Russian assets to provide “reparation loans” to Ukraine was discussed at the last European Council on 23 October. However, the final decision was blocked by Belgium, where the headquarters of Euroclear, the private institution whose balance sheet these assets are immobilized, is located. In an interview with WorldValérie Urbain, Euroclear’s general director, did not rule out legal action against European authorities.
Why should Euroclear’s self-interest stand in the way of collective decisions aimed at strengthening European security and making Russia bear the brunt of its aggression? Euroclear Holding is Europe’s largest central securities depository. Its role is to register securities – shares, government bonds and corporate bonds – when they are issued and traded on the secondary market. In other words, the central securities depository ensures that the number of securities issued is equal to the number of securities in circulation. The latest report from the French Institute of International Relations (Ifri) explains
