European Union countries are concerned about potential tit-for-tat retaliation by Russia against Western assets due to fears of confiscation. Austrian and Italian banks hold tens of billions of euros in credit and collateral in Russia. Despite sanctions, Russia imported millions of euros worth of banned goods and technologies from the EU in 2023, with some directly from Europe. Euroclear, a Brussels-based clearing house, has seen its balance sheet grow due to holding frozen Russian assets, boosting profits but facing financial stability risks if Russia retaliates.
⚡️Bloomberg: Despite sanctions, Russia imported “sensitive goods” and technologies worth approximately 100 million euros from the EU in the first nine months of 2023. According to an anonymous European official, EU member states are still falling short in preventing Russia from…
⚡️Bloomberg: At least $488 million in sanctioned goods entered Russia from EU in 2023. Russia imported “high-priority” banned goods worth $488 million originating in EU countries in the first nine months of 2023, a quarter of which came directly from Europe, Bloomberg reported…
👏 🇪🇺 Russia bought tens of millions of euros worth of weapons technology from EU in 2023 – Bloomberg https://t.co/KdnfQ8tiaC
From @Breakingviews: Euroclear, the Brussels-based central securities depository has seen cash piling up thanks to the frozen Russian assets, which have inflated its pre-tax profit. Any retaliation against by Russia could threaten its financial stability, @rebeccawire argues https://t.co/DiNsaYuEOx
📺 Brussels-based clearing house Euroclear has seen its balance sheet swell thanks to the frozen Russian assets it reluctantly holds. That’s helping profits and dividends, but financial stability threats loom, says @rebeccawire. Watch 👉 https://t.co/OZl9bl2fxS https://t.co/0H26liB1hh
Tens of millions of euros of trade in banned sensitive goods to Russia continue to originate from the bloc itself, despite multiple rounds of sanctions, an official says https://t.co/69RYHoiq7O
💲"In case of confiscation, the West, especially EU countries, are afraid of tit-for-tat retaliation by Russia against Western assets there. It is enough to note that Austrian and Italian banks currently hold tens of billions of euros worth of credit and collateral in Russia", -… https://t.co/ysMchrj6Ye