Euroclear

Euroclear sits on the pressure point where sanctions, financing, and retaliation collide. - Closed-door preliminary hearing in Jan 16 Moscow lawsuit; Russia seeks $232B over frozen €193B assets

Since early December 2025, the war has featured intensified winter ground operations in Kharkiv and Donetsk alongside massive drone and missile campaigns targeting each side's war economies. Russia's February 16-17 barrage of 425 drones and 29 missiles coincided with Geneva trilateral talks that concluded February 18 with limited military progress but no political breakthroughs on territorial compromises or security guarantees—Ukrainian President Volodymyr Zelenskyy deemed outcomes 'not sufficient' and called for a follow-up meeting later in February. Ukraine responded with deep strikes, including the February 21 hit on Votkinsk missile plant 1,300 km inside Russia using indigenous cruise missiles, while reporting marginal advances in central Kupyansk as of February 19.

Updated 7 days ago

Euroclear is the chokepoint where geopolitics meets settlement infrastructure—and now Moscow’s lawsuits. - Custodian of the largest share of immobilised Russian central bank reserves; facing Moscow litigation and retaliation risk

Russia's central bank sued Euroclear in Moscow on December 12, seeking €193.7 billion in damages. Six days later the plan that triggered the lawsuit—using frozen reserves to back Ukraine loans—collapsed at the European Council. Belgium refused the legal risk; the EU pivoted to a €90 billion conventional loan backed by its own budget instead.

Updated Dec 27, 2025