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Corner Brook fish harvester protest | SaltWire #cornerbrook #newfoundland #fishermen #harvestersLONDON - Some western banks have begun lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets, senior industry sources said, fearing it could lead to costly litigation.
Euroclear holds the equivalent of 190 billion euros of Russian central bank securities and cash. Western banks also hold billions of euros, pounds and dollars in assets owned by companies and individuals subject to sanctions. Permitting the confiscation and redistribution of interest earned on those assets puts banks at risk of being challenged by owners, the sources said.
"If these proposals move forward, the whole legal architecture would need to change," said Paul Feldberg, partner and head of Brown Rudnick's White Collar Defense, Investigations & Compliance practice in London. Francis Bond, senior associate at law firm Macfarlanes said the detail on the EU proposal was crucial when gauging the likelihood of prolonged international legal disputes.
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