The Battle Over Euroclear and Russia’s Frozen Billions

The Battle Over Euroclear and Russia’s Frozen Billions

As the war in Ukraine grinds toward its fourth winter, a parallel conflict is being fought not in the trenches of the Donbas, but in Brussels. The weapon of choice is neither artillery nor drones, but sovereign debt and international banking law. At the center of this financial storm lies a cache of wealth: nearly €200 billion in Russian Central Bank assets, immobilized since the onset of the full-scale invasion in 2022. The European Union has m…

As Europe eyes Russia’s frozen assets, Belgium fears Moscow’s revenge

Most of Russia’s billions in frozen assets are in Belgium, which fears bearing the brunt of Russian lawsuits — and worse.