Brussels needs and an “emergency mechanism” in case its plan to fund Kiev with Russia’s money backfires, according to an EU official While Brussels is searching for legal loopholes to send frozen Russian assets to Ukraine, it must keep some of the cash as a “safety buffer,” should its clearing house Euroclear get in trouble, potentially jeopardizing the entire global financial system, a senior EU official told Reuters. The West has frozen roughly $300 billion in holdings belonging to the Russian central bank since the start of the Ukraine conflict two years ago. Brussels-based Euroclear holds around €191 billion (
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