I really hope they actually pull the trigger on the whole thing and hilarity ensues. Euroclear already said they would sue the EC if it tries to steal Russian assets. The bankers understand the implications of doing that perfectly well. They know this would set a precedent that would trigger a catastrophic bank run. Every client in Asia and the Middle East, seeing their assets are no longer safe, would pull their funds overnight.

And that’s just the start. They’d then be dragged into courts outside the cozy confines of the West, like Hong Kong, where they actually operate and have assets to lose. It would be an act of financial self-immolation that would torch the EU’s standing as a safe financial jurisdiction.