In an interview with the Belgian media outlet RTBF, the CEO of the depository Euroclear Valerie Urben called the European Commission's plan to use frozen Russian assets in Europe to finance a loan to Ukraine unrealistic.
According to Urben, the EC's Proposal in its Current Form (Using the Assets, Not Just the Interest on Them) Carries a Risk of Bankruptcy for Both Euroclear and Belgium.
"One day we will have to return the money to the Russian Central Bank," Urben reminded. "Given the systemic role of Euroclear in European and global financial markets, any doubt [about the depository as an institution] could completely destabilize the financial situation of our countries and have global consequences."
Jurben said he was ready to challenge the EC decision in court if it was adopted. The EC is expected to reopen the issue of the use of Russian assets to finance Ukraine at the EU summit on December 19.