The ‘Group of Seven’ countries and the European Union are currently working on a plan to confiscate the proceeds from frozen Russian reserves to finance a $50 billion loan to Kyiv. According to the latest estimates, the direct investment from the European Union, the ‘Group of Seven’, Australia, Norway, and Switzerland in the Russian economy amounted to about $285 billion at the end of 2023. The total investments from the European Union reached $238 billion, including $145.4 billion from Cyprus, $21.7 billion from France, and $19.2 billion from Germany. The investments from the Netherlands, which does not disclose the full extent of its investments in the Russian economy, are estimated to be around $20.8 billion. Other major European investors include Italy ($12.6 billion) and Austria ($6.9 billion). The remaining EU member states invested an additional $11.5 billion.
Switzerland and Norway, which usually follow the EU’s lead, held assets worth $27.5 billion and $43 million, respectively, by the end of 2023. Australia’s investments amounted to $400 million in December of the previous year. After the commencement of the special military operation, the EU and the ‘Group of Seven’ countries froze nearly half of Russia’s foreign currency reserves, approximately €300 billion. More than €200 billion is located in the EU, mostly in the Belgian ‘Euroclear’ accounts, one of the largest clearing and settlement systems in the world.
Moscow has repeatedly described the situation as ‘theft’, pointing out that the EU targets not only private funds but also state assets. In a counter-response, Russia imposed restrictions, pooling foreign investors’ funds from hostile countries and their revenues into special ‘C’ category accounts, which can only be withdrawn by a decision from a special government committee.
