The Euroclear Saga
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The war triggered by Russian invasion of Ukraine has not only reshaped Europe’s security architecture; it has also exposed the strategic significance of financial infrastructures that had long operated in relative obscurity. Among these, Euroclear – a Brussels-based securities settlement system – has emerged as an unlikely geopolitical actor. Holding vast volumes of global financial assets, including a substantial share of immobilised Russian central bank reserves, Euroclear sits at the intersection of law, finance, and power.
This paper examines how a technical financial institution became central to one of the most contentious debates within the European Union: whether, and how, immobilised Russian sovereign assets can be mobilised to support Ukraine. The “Euroclear saga” is not merely a story about sanctions implementation. It raises fundamental questions about the limits of economic statecraft, the resilience of international legal norms, and the distribution of risk among EU member states.
Belgium, as host state to Euroclear and partial stakeholder in its governance, finds itself in a uniquely exposed position. While other member states view immobilised Russian assets as a potential source of financing – what some have framed as a form of “reparative justice” – Belgium has consistently emphasised the systemic risks involved. These include potential violations of international law, exposure to large-scale litigation, and broader repercussions for the stability of the eurozone as a safe destination for sovereign reserves.
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