EU plans to raise more money for Ukraine by putting frozen Russian state funds into riskier investments would amount to “expropriation”, the institution holding the bulk of the assets has warned. Euroclear chief executive Valérie Urbain told the Financial Times that plans to reinvest cash generated by the assets to yield higher profits could risk further retaliation from Moscow, and undermine the central securities depository’s key position in the financial system.
“If you increase the revenues, you increase the risks. And so who is bearing that risk?” Urbain said in an interview.
The European Commission is considering how to extract more value from some €191bn in Russian central bank assets stuck at Euroclear because of western sanctions. Euroclear is reinvesting the cash arising from Russia’s maturing assets — such as coupon payments and redemptions — mainly through central banks. The G7 is using the returns to back a $50bn loan to Kyiv.
Europe
Europe community on dbzer0. Intended to be a place to discuss European news, politics, or just general topics from a European perspective. Since this is on dbzer0 expect the community to lean more leftist-anarchist but a wide range of views are accepted here (within reason).
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could risk further retaliation from Moscow ...
Not that I disagree with that view, Moscow may indeed retaliate. But Moscow has been running a genocidal invasion in Ukraine since 2014, it is responsible for an increasing number of sabotage incidents across Europe such as arson attacks, cyber attacks, elections interference, and more. It threatens Europe's security.
That aside, Russia seized Western assets worth some $50 billion over the past three years, entangling firms ranging from Germany's Uniper to Danish brewer Carlsberg. So Russia seems to 'retaliate' even before there is something to react to.