Euroclear - how to apply sanctions on assets linked to Russia
The row underscores the awkward position that Euroclear has found itself in over how to apply western sanctions on assets linked to Russia and its allies over the invasion of Ukraine.
The settlement house is one of the pillars of the global capital market, tracking and finalising millions of securities trades a day.
It has been withholding payments to and from sanctioned entities in Russia and elsewhere, and has earned more than €3bn this year to October in income related to frozen Russian assets.
EU leaders plan to spend the money on helping the recovery in Ukraine.
FT 30 November 2023
https://www.ft.com/content/64807c8a-f764-4620-a900-d22e83cb4920
In the 20 months since, however, the western sanctions coalition has got itself into ever more contortions trying to avoid the morally obvious next steps: seizing the reserves and deploying them for Ukraine’s benefit.
The ostensible justification is legal obstacles. But ... The fear that confiscating Russia’s assets will make other non-western countries pull their own reserves out of the west
Martin Sandbu FT 5 Novenber 2023
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