Cash is piling up at Euroclear Bank as a result of sanctions imposed on Russia by various governments, including the United States, the European Union, and Japan. These sanctions have immobilized the Bank of Russia's reserve assets, meaning that the assets remain under the bank's ownership but cannot be moved. Euroclear, the Brussels-based international central securities depository, is holding the majority of these immobilized assets.The balance sheet of Euroclear Bank has grown more than fivefold since early 2022, indicating the significant accumulation of cash. While...