Iraq — Central Bank of Iraq & Russia

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq initiated legal proceedings against Euroclear to seek compensation for damages due to its inability to manage monetary assets and securities frozen under EU sanctions. This action is a direct response to the EU's plans to use these frozen assets to support Ukraine.

Russia: Russia, through its Central Bank, has initiated a lawsuit against Euroclear to recover losses from frozen assets, condemning the EU's plans to use these assets as illegal and a violation of sovereign immunity. Russia views any such move as theft and has threatened retaliatory measures.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq has played down the risks of a major banking crisis, but the intelligence report suggests its efforts to mask vulnerabilities through state-backed credit programs and loan restructurings are creating an 'explosive' situation.

Russia: Russia's banking sector is at risk of an 'explosive' crisis due to the burden of its war economy and potential new sanctions, which could severely impact its financial stability and economic growth.