European governments would face higher debt costs if the EU presses ahead with plans to use Russian frozen assets to support €140bn of loans to Ukraine, the main custodian of the assets has warned.
In a letter seen by the Financial Times, the Brussels-based central securities depository Euroclear argued that the latest loan plan for Ukraine would be perceived as “confiscation” outside the EU and spook investors in European sovereign debt.
The EU has frozen some €210bn Russian state assets following Russia’s invasion of Ukraine, of which around €185bn are held at Euroclear. The Ukraine peace negotiations have renewed the pressure to agree terms for the €140bn loan for Kyiv using the immobilised Russian sovereign assets.
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