EU Seeks to Move Russia’s Frozen Assets Out of Euroclear: What the West Risks

EU attempts to forcibly change the custodian of frozen Russian assets without the owner's consent would dismantle the foundations of Western property law, financial analyst Mikhail Belyaev told Pravda.Ru. The expert's analysis follows a proposal by a group of MEPs, including Richard Kols, to establish a new EU instrument to act as a depository and assume legal obligations toward the Central Bank of Russia. Russia has already stated that any confiscation of assets will trigger severe countermeasures. Belyaev argues that the principle of property inviolability is the core of the market economy. He notes that European politicians have spent several years unsuccessfully searching for a legal formula to seize these funds.