Belgium & Euroclear

Belgium: Belgium, as the host country for Euroclear, has expressed resistance to the EU's plan to use frozen Russian assets, citing fears of prolonged litigation with Russia and potential retaliatory measures. Belgian Prime Minister Bart De Wever has cautioned against the move.

Euroclear: Euroclear is the primary target of the lawsuit filed by the Iraq — Central Bank of Iraq, as it holds over $200 billion in Russian sovereign assets frozen by EU sanctions. The company faces significant legal and financial risks, including potential retaliatory measures in Russia and the possibility of bankruptcy if the EU proceeds with its plan to use the frozen assets as collateral for a loan to Ukraine.

Euroclear: Euroclear, a financial clearing house based in Brussels, holds most of the frozen Russian assets and fears legal action if the funds are used.

Euroclear: Euroclear, a Brussels-based financial clearing house, holds a significant portion of Russia's frozen assets, and concerns about legal risks to its business contributed to the decision against using these assets for the loan.