Euroclear

Euroclear is a Brussels-based financial institution that serves as a central securities depository. It holds a significant portion, approximately €210 billion, of the Russian central bank assets frozen by the EU in response to the invasion of Ukraine. Euroclear is currently newsworthy because the EU is considering using these immobilized assets to fund Ukraine's defense and reconstruction. Recent developments include the EU's agreement to indefinitely freeze the assets and Russia's retaliatory legal action, with the Russian Central Bank suing Euroclear in a Moscow court. Belgium, where Euroclear is based, has expressed reluctance due to fears of Kremlin retaliation. Euroclear's role is central to the EU's plan, making it a key player in the financial and political fallout of the Russia-Ukraine conflict.