It fears the precedent of undermining state immunity under international law
The latest to learn this was none other than Ursula von der Leyen, president of the European Commission. During a speech to the annual Ukraine recovery conference in London on June 21st, she announced that her commission, the bloc’s executive arm, would come up with a proposal before the summer to make use of Russia’s frozen assets. At the same time the ambassadors of the’s rotating chair, Sweden.
Legally, experts say, the plan is sound. Euroclear, a private clearing-house and securities depository in Belgium, had to stop all payments to Russia as a result of sanctions. It is now sitting on almost €200bn-worth of assets and cash. Smaller amounts are frozen in the accounts of similar firms elsewhere. These holdings generate gains: in Euroclear’s case, €720m of pre-tax profits in the first quarter of 2023 alone.
Belgique Dernières Nouvelles, Belgique Actualités
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