The EU Commission has frozen indefinitely Russia’s funds held at Euroclear and other banks and facilities with an emergency ruling taken by a qualified majority at the European Council invoking article 122 of the Treaty of the European Union. The decision has been made after Belgium’s Prime Minister Bart de Wever has staunchly resisted the proposal by the EU Commission to issue a reparations loan backed on Russian frozen assets.
Up to €185 billion of Russian assets are frozen at the private Euroclear facility which is based in Belgium. Another €25 billion is held in private banks. The Belgian Prime Minister said that he was threatened by Russia if the funds were handed to Ukraine. He has also told the Belgian press that he will consider legal action against the EU if the funds are confiscated and that confiscating Russian assets is theft.
Many legal scholars agree that confiscating Russian central bank’s assets is a proportionate and just counter-measure against an active war and Russia’s unprecedented crimes in Ukraine that include, genocide, destruction of Ukrainian cities and property and territorial conquests.
Meanwhile, The EU Observer is reporting that a board-member of the Euroclear subsidiary, Mfx, called Olivier Huby, has been threatening Euroclear’s CEO Valérie Urbain over the frozen Russian assets. Olivier Huby, who has been given privileged access to Euroclear’s top executives, traveled to Russia up to 155 times in the past ten years and tried to organise meetings between Valérie Urbain and his Russian intelligence contacts. Olivier Huby ahs also been threatening Euroclear’s CEO and other executives while demanding opposition to the EU Commission’s proposal. He is currently considered as a Russian asset at Euroclear, actively working for Russia’s interests.
Featured photo of Olivier Huby.
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