The full-scale war of Russia against Ukraine has been ongoing for the fourth year, and the issue of frozen Russian assets is gaining increasing importance. European countries hold over €260 billion in assets of the Russian Central Bank, which could become an important financial tool in countering the aggressor.
Source: PRYAMIY
According to The Times, part of the profits from these funds is already being directed by the EU to support Ukraine. At the same time, Kyiv insists on the full confiscation of the assets, which is causing heated debates within the EU and among its allies.
Most of Russia’s reserves consist of cash and investments in securities located in various Western jurisdictions and under the control of financial institutions, including clearing houses. The largest amount — about €190 billion — is held in Belgium’s Euroclear, while up to €20 billion is in France’s Clearstream system. For comparison, privately frozen Russian assets amount to about €70 billion.
In theory, each country where these funds are held could decide to confiscate them by creating a special fund to finance Ukraine. Analysts emphasize that more active use of these resources could significantly increase the volume of assistance.
Belgium has already introduced a 25% tax on the “windfall profits” from these assets, with the collected funds directed to the European fund for supporting Ukraine. So far, there have been three payments of about €1.5 billion each.
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