Melike Pala
05 December 2025•Update: 05 December 2025
BRUSSELS
The CEO of Euroclear, a company that holds billions of euros in frozen Russian assets, warned that any threat to its continued existence could impact the global financial market as discussions continue about using the assets for Ukraine.
In an interview with Belgian broadcaster VRT, Valerie Urbain addressed the debate surrounding the billions of euros in Russian funds currently frozen at Euroclear, stressing that these assets, representing roughly 10-15% of Russia's GDP, could be better utilized in peace negotiations rather than being locked in a complex legal framework.
She warned that the company could face bankruptcy if sanctions against Russia are lifted, Russia demands the frozen funds back, and Europe has already allocated the money elsewhere.
"Given Euroclear's central role in the financial system and its size, any threat to our survival would not only impact our company but could also affect the attractiveness of the European market and the stability of the global financial system," Urbain said.
The CEO also cautioned about potential Russian reprisals against Belgian companies.
"Such measures could target not just our clients but all Belgian assets in Russia. Moscow might take action against companies with no direct link to European sanctions but representing Belgian interests," she explained.
Euroclear, headquartered in Brussels, plays a key role in the settlement and safekeeping of securities, making its stability critical not only for Europe but for the global financial ecosystem.
The EU aims to free up €90 billion ($104 billion) for Ukraine, either by borrowing funds directly or by using Russian assets frozen under sanctions at Euroclear – a move that Belgium views with caution.
This is reflected in a recent European Commission plan that includes safeguards to protect member states, particularly Belgium, against potential risks.
However, Belgian Prime Minister Bart De Wever said the commission's legislative proposal does not fully address his country's concerns.
Meanwhile, German Chancellor Friedrich Merz has postponed his trip to Norway to attend a meeting in Brussels on Friday evening to discuss the potential release of Russian assets with De Wever and EU Commission President Ursula von der Leyen.
