Most people outside of banking won’t have heard of Euroclear. It’s a Brussels-based settlement provider that enables the transfer of ownership of securities between seller and buyer. The firm is the focal point of a major geopolitical confrontation between Russia and the European Union.
The controversy stems from an EU initiative to leverage frozen Russian assets held at Euroclear to finance Ukraine’s war effort. In response, Russia’s central bank has filed a lawsuit in Moscow seeking damages for the freezing of its assets.
