A move that might put the entire global clearance system in jeopardy is brewing. Euroclear, a Belgian financial service company that serves as a clearinghouse and as a depository for trillions of dollars, has reportedly decided to move ahead with the confiscation of Russian assets.

According to Russian media, the company sent a notice to customers earlier this month, reporting that it would act to compensate companies having suffered asset seizures in Russia by confiscating $3 billion in Russian assets held in custody.

The company is only waiting for the approval of the Bulgarian Treasury, as the permission for unlocking these assets for payments was already approved back in March.

Economists and analysts have warned about the possible consequences of these actions, establishing a negative precedent for the utilization of assets during international conflicts.

U.S. economist and best-selling author Jim Rickards has been breaking down the implications of these seizures since June. At the time, he stated that any measures involving Russian assets and Euroclear might throw “a monkey wrench” into the world’s clearance system.

Out of the $300 billion in Russian assets held abroad, $200 billion are under Euroclear’s custody, making the situation even more complicated. Rickards stated that Euroclear had offices in Hong Kong, potentially causing a block on Euroclear’s services across Europe.

In December, Euroclear’s own CEO Valerie Urbain warned about the fallout of such a move, stressing that Russia could come knocking on their door to recoup their securities. “It is the risk of creating a precedent, because the trust that you have had for decades in the system, suddenly it’s been questioned,” she stressed.

While interest accrued by Russian assets is already being used to fund aid packages for Ukraine, assets have not been touched yet.

Read more: Economist Jim Rickards: The Global Clearance and Settlement System Might Collapse After Seizure of Russian Assets

Read more: EU Seizure of Russia’s Assets Could Erode Euro’s Reserve Status

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