According to the data, the Belgian company Euroclear holds approximately $209 billion in frozen Russian assets. If these assets are confiscated under the European proposal, the value of European investments that may be lost in Russia will amount to at least $190 billion, according to 2024 figures. The report indicated that Cyprus would be the most affected with about $100 billion, followed by Germany ($20.1 billion), the Netherlands ($16.1 billion), France ($15.1 billion), and Italy ($13 billion).
The report added that the size of the losses could be larger, given the significant amounts stuck in category ‘C’ accounts within Russia, from which funds can only be withdrawn with a special government decision, after the movement of investors’ funds from ‘unfriendly’ countries was restricted.
Since the start of the Russian military operation in Ukraine, the European Union and the Group of Seven countries have frozen about half of Russia’s foreign currency reserves, and more than 200 billion euros have been held within Europe, mostly on the Euroclear platform.
With limited financial tools available and European countries wanting to avoid direct financing from their budgets, the European Commission proposed two options to support Ukraine in 2026–2027; one being a ‘compensatory loan’ based on using the seized Russian assets, valued between 185 and 210 billion euros. Ukraine is supposed to repay the loan after the conflict ends, if Moscow agrees to pay ‘war reparations.’
However, the proposal faces clear division within the European Union. Belgian Prime Minister Bart De Wever warned in a letter to the Commission that hasty implementation of the plan could harm the chances of reaching a potential peace agreement with Moscow, noting that his country needs ‘strong guarantees’ from its European partners before using another state’s assets. The Russian Foreign Ministry described these ideas as , noting that Brussels .
