Euroclear & Bart De Wever

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.

Bart De Wever: Bart De Wever, the Prime Minister of Belgium, expressed relief that the plan to use frozen Russian assets was set aside, calling it too risky and complex.

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.

Bart De Wever: Bart De Wever, Belgian Prime Minister, has cautioned that using frozen Russian assets would likely trigger prolonged litigation with Russia and has refused to approve the plan, citing fears of Russian retaliation against Belgium's interests.

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.

Bart De Wever: Bart De Wever, Prime Minister of Belgium, criticized the plan as 'a complete illusion'.