Europe is about to take € 3 billion of Russia’s frozen assets. Not for Ukraine—for themselves – Euromaidan Press

Euroclear, the Belgian clearing house, is preparing to seize and redistribute approximately €3 billion ($3.4 billion) in frozen assets belonging to sanctioned Russian individuals and entities, according to documents reviewed by Reuters and sources familiar with the matter. The funds will be used to compensate Western investors who incurred losses after Moscow confiscated billions in assets held in Russia.

Two sources told Reuters that the €3 billion will come from a larger pool of €10 billion in cash belonging to Russian entities and individuals sanctioned following Russia’s 2022 invasion of Ukraine. Euroclear holds the lion’s share of sanctioned Russian wealth in Europe – more than 180 billion euros.

Ukraine has long insisted that all frozen Russian assets should be used to bolster its defense, stressing the urgent need for weapons amid ongoing Russian aggression. For years, Western officials told Kyiv that outright seizure was legally risky and could undermine global financial stability. That position appears to have shifted, at least when Western financial interests are at stake.

The European Union paved the way for this move by amending its sanctions framework late last year, allowing compensatory payments under specific conditions. Previously, only interest earned on frozen Russian assets had been directed to support Ukraine.

An 1 April document reviewed by Reuters shows Euroclear has already informed clients of the upcoming distributions. “We received authorisation from our competent authority, to unfreeze the compensation amounts and make these available to our participants,” the document states.

Reuters was unable to identify the specific Russian asset holders affected. The Belgian government declined to comment, and Russia’s Finance Ministry did not respond to requests for clarification.

President Vladimir Putin has previously condemned Western efforts to seize Russian assets as “theft,” highlighting the deepening economic confrontation between Russia and the West.

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