If they try to pull this then western financial dominance is as good as dead.
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That's why I want it to happen.
Let them do it, use the frozen Russian assets. I'm sure Russia knows that they won't be seeing that money again.
Let the western financial system finally fucking collapse.
I know nothing about Euroclear or whose governmental auspices they operate under, but I would say this:
nationalize their asses if they don't like it.
If it's Russian government assets, sure, take it as a partial compensation for the damage they've done.
It's more problematic if this is the property of individuals. You probably don't want to set a precedent for governments to appropriate private assets in bulk, regardless of the circumstances.
Belgian.. they will wine and squeel, take it to court. And then be forced to fork over the cash plus interest.