Euroclear & Russia

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.

Russia: Russia, through its Central Bank, has initiated a lawsuit against Euroclear to recover losses from frozen assets, condemning the EU's plans to use these assets as illegal and a violation of sovereign immunity. Russia views any such move as theft and has threatened retaliatory measures.

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.