Following the full-scale invasion, Western countries have frozen hundreds of billions of Russian assets—both sovereign and private. However, over two years later, there is still no decision on what to do with them. Among the options are: transferring the income from the blocked assets to Ukraine, confiscating the assets themselves and using them for Ukraine’s reconstruction and compensation for damages, or military aid.
Recently, the discussion regarding the fate of these assets has intensified. The largest amount of funds is held in the international depository Euroclear in Belgium—€191 billion. These frozen Russian assets also generate income that is intended to be given to Ukraine: for example, in 2023, the profit amounted to €4.4 billion.
Additionally, several billion are blocked in the Clearstream depository in Luxembourg. In the United Kingdom, approximately €30 billion in Russian assets are frozen. Recently, the UK announced that it is ready to lend Ukraine all assets of the Russian Central Bank on the condition that Russia pays reparations after the war. Private assets of Russian individuals totaling around €20 billion are also frozen in the country. In France, €19 billion in Russian assets are blocked. The country has also frozen the private assets of Russians—personal accounts, real estate, and yachts. In the United States, about €7 billion in Russian assets are blocked, and the same amount is frozen in Switzerland (plus €5 billion in private funds). In Germany, assets worth €5 billion are frozen (it is unclear whether these are sovereign or private). Australia has frozen another €5 billion in assets. Italy has frozen €2 billion belonging to Russian oligarchs—funds in accounts, cars, real estate, and yachts. In Poland, €1 billion in assets belonging to Russian oligarchs are frozen.
At a press conference following the European Political Community summit, Zelensky proposed transferring the frozen $300 billion to Ukraine. “Right now, there are $300 billion in frozen Russian assets. They have destroyed Ukraine, with estimates from international institutions indicating around $800 billion in damages… Everyone is asking—what will you do if Trump does not support you financially, where will you get weapons, how will you defend yourselves? I answer you—can we take the $300 billion that belongs to us? We will support our people and buy weapons with this money from all countries around the world,” said the head of state.
Zelensky expressed himself in a questioning manner regarding the procurement of weapons and the use of the funds. “Can we decide for ourselves what weapons we need? Can we decide for ourselves what to do with this money? Can no one from the European countries block these funds? Can they just be given to us?… Can we simply transfer the money from Russian killers and oligarchs that are already frozen?” asked the president.
Zelensky appealed to Europe, urging them to make “strong decisions” and noted that Ukraine is producing weapons more quickly and at a lower cost.
