EU Resumes Work on Transferring Frozen Russian Assets to Ukraine

The European Commission is exploring new options for organizing reparations loans to Ukraine using frozen Russian assets. One option includes transferring Russian accounts from the Belgian depository Euroclear to a separate structure, which would allow the assets to be transferred under EU control and protect Belgium from legal risks. Support for this plan has been expressed by former German Defense Minister Annegret Kramp-Karrenbauer, Member of the European Parliament Nathalie Loiseau, Ukrainian Finance Minister Serhiy Marchenko, and 122 Members of the European Parliament. The European Commission is not proposing specific solutions, emphasizing the need for political support from all 27 EU countries. The Netherlands, Poland, Spain, and Sweden have called for a reconsideration of the use of frozen assets to finance Ukraine. Following Russia's invasion of Ukraine, approximately €260 billion of Russian assets were frozen, of which €200 billion are held in Euroclear. These funds are being used for financial support to Ukraine, in response to which the Central Bank of Russia filed a lawsuit in the Arbitration Court of Moscow, which granted the claim for the payment of 18.17 trillion rubles. Euroclear has also filed a lawsuit against the Central Bank, challenging the decision of the Russian court.

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