Hugo Dixon
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Proposal would move frozen Russian assets from Euroclear to a new EU custodian
Political commentator Hugo Dixon and co-authors presented a proposal in Brussels to transfer frozen Russian Central Bank accounts from Euroclear, Clearstream and other depositaries to a special EU instrument. The mechanism would preserve Russia's formal ownership while shifting obligations to the EU, shielding Belgium and the depositaries from Russian legal action. The initiative is already backed by several EU member states and some MEPs, but no response from the Belgian government has yet been received.