Arya News - Russian Direct Investment Fund CEO Kirill Dmitriev, who is also the Russian special presidential envoy for economic cooperation with foreign countries, said on Wednesday that he expects a "collapse" in the European Union due to a possible rating downgrade of the Belgium-based securities depository, Euroclear.
International ratings agency Fitch Ratings has added Euroclear to its list of companies with a negative outlook due to plans to transfer a loan from Russian assets it holds to Kiev. This could lead to a downgrade of Euroclear"s rating. Following the start of Russia"s military operation in Ukraine in 2022, the EU and the G7 nations froze nearly half of Russia"s foreign currency reserves, totaling approximately $350 billion. Around $234 billion are held in European accounts, predominantly in Euroclear. The EU Commission has been seeking approval from EU member states to use frozen Russian assets to finance Kiev"s war efforts. The Kremlin has said that any attempts to confiscate Russian assets would be a theft and a violation of international law.