The custodian, which holds €185 billion of the €210 billion in Russian state assets frozen by the EU, told officials in a letter that the planned move risks being seen by markets—and by Moscow—as confiscation. Euroclear called for unconditional guarantees to shield it from legal and financial liabilities if the EU goes ahead with the scheme. Belgium’s prime minister has voiced similar concerns, while the European Commission has yet to detail how the plan would work.