Euroclear, a little-known but central player in Europe's financial system, holds €193 billion in frozen Russian assets that, since the invasion of Ukraine, have drawn intense scrutiny. Its director general, Valérie Urbain, warns that confiscation – illegal under international law – would weaken Europe's position.
Are they just mad because they are able to profit off that capital and don’t want to lose it?
If so, then they are no better than the Swiss taking gold from the Nazis.