04.12.2025, Moscow.
The European Union continues to discuss the fate of the frozen Russian assets: officials of the European Commission have proposed two possible solutions for providing assistance to Ukraine, Rossa Primavera News Agency Economical Desk notes.
As the first option, the possibility of expropriating Russian assets frozen in EU member states is being considered. Although Belgium opposes this initiative, European Commission President Ursula von der Leyen explained that a decision on this issue does not require unanimity and may be adopted by a qualified majority.
The second option involves granting Ukraine a loan from the EU budget in the amount of €90 billion. According to the European Commission, these funds will cover about two-thirds of Kiev’s needs, while the remaining amount must be provided by other international partners.
In total, about €211 billion in Russian assets are frozen in the EU (of which €180 billion are Central Bank reserves). Speaking about the possible use of frozen Russian assets, von der Leyen emphasized that the EC has developed a protection mechanism for EU countries. It includes legal guarantees against the enforcement of external arbitration decisions and a solidarity mechanism for fair distribution of potential financial risks among all member states, particularly to support Belgium.
At the same time, Belgian Prime Minister Bart De Wever, as quoted by Reuters, warned that confiscating the frozen Russian assets and using them for the so-called “reparation loan” to Ukraine could destroy any remaining chances for a peaceful settlement of the conflict.
The bulk of these funds is held by the Belgian depository Euroclear. It is therefore unsurprising that the authorities of the kingdom consistently warn about the severe consequences of seizing the assets for the entire European Union. Euroclear CEO Valérie Urbain elaborated on these risks, pointing to two key threats: the undermining of Europe’s investment attractiveness and the loss of the euro’s status as one of the world’s primary reserve currencies.
This is why Bart De Wever insisted that responsibility for a potential confiscation be shared among all EU member states. Otherwise, he said, Belgium will not allow the use of the assets held on its territory. The Euroclear depository itself supports this position, having previously stated its readiness to challenge any forced decision by the EU in court.
Euroclear receives substantial profit from the “frozen” assets. Funds (coupon payments on bonds, securities payouts) continue to arrive in the accounts, but the owner (the Central Bank of Russia) cannot withdraw them. These funds are reinvested, generating income for Euroclear. In 2023, net profit from the “frozen” Russian assets amounted to €4.7 billion (as stated by the company itself).
Globally, the situation with Euroclear and the Russian assets creates a dangerous precedent: it transforms critically important financial infrastructure into an instrument of sanctions policy, which may lead to fragmentation of the global financial system and to “flight” of other states into alternative depositories or investing assets beyond Western control (gold, assets in Asia).
That is, the central banks of other countries (China, India, Saudi Arabia) may begin massively withdrawing reserves from European depositories, fearing similar actions in the future.
Source: Rossa Primavera News Agency
