ECB warns Brussels against windfall levy on frozen Russian assets

The European Central Bank has warned Brussels against swooping to claim money from custodians of trapped Russian assets, claiming it could dent confidence in the euro as a global currency and hurt financial stability.

The Frankfurt-based institution has privately told the European Commission that plans to divert payments on bonds owned by the Russian central bank to fund Ukraine would send a bad signal to global markets, according to people familiar with the discussions.