Financial crisis incoming 😳

Russia’s actions in response to the EU’s seizure of the Central Bank’s frozen assets could lead to a global financial crisis, Reuters writes, citing a European official.

According to him, the Central Bank of Russia may file lawsuits to confiscate the assets of the Belgian Euroclear, one of the world's largest settlement and clearing systems, on whose accounts Russian currency reserves were frozen after the start of the special operation. Also, the agency writes, the Central Bank may seize Euroclear’s assets in Russian jurisdiction – 33 billion euros.

If Euroclear runs out of capital, the Belgian central bank will have to revoke its license, likely leading to a financial crisis.