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Europe's Struggle For Russian Reparations And Collaterals

Ukrainian President Vladimir Zelensky's expulsion from the White House was the bizarre highlight of an even more bizarre political week in Washington, which saw numerous visitors from the European Union as guests of Donald Trump. Alongside the Frenchman Macron and his English counterpart Starmer, Zelensky was also there once again - and the new German Chancellor Friedrich Merz is also expected to visit the White House shortly to put forward what is really at stake in the Ukraine conflict: the continued funding of the money pump! ! The withdrawal of the USA from the financing of the Ukraine project has startled them all and has made Europeans aware of their own economic and military impotence these days. The high point of this awakening was the fact that the USA is negotiating exclusively with Russia and no longer even reserves a seat at the cat's table for the Europeans when it comes to the European issue of Ukraine.

Trump has thus revealed that all the sabre-rattling by the Europeans in the Russia affair, all the sanctions packages were nothing more than the barking of a disabled dog that is no longer even able to adequately stake out its original territory.

In this context, the question of how to deal with the Russian assets frozen by the European Union, especially those of the Russian Central Bank, is raised time and again. As an economic background, it is important to know that the European Union has immense liquidity problems, especially in its banking sector and in view of the problems in the eurozone and the immense distortions in the common currency; they need new collateral in order to be able to create new credit.

And this is exactly where the Russian assets come into play. the expropriation, which I will describe in more detail below, comprises around 235 billion dollars in assets, which the European Union would very much like to use as the initial financing for so-called Eurobonds, the common financing of the European Union's immense mountain of debt, in order to buy itself a few more years and remain liquid. Similar ideas also apply to Russian reparations payments in the event of Moscow's defeat, which would above all help the Bank of England, one of the main guarantors of Ukraine's national debt, to get back on its feet.

It is precisely these kinds of mind games that keep resonating in the Europeans' attempts to escalate the Russian war. In order to achieve this goal, London in particular had firmly counted on the military intervention of the Americans, who have now done a 180 degree turnaround, leaving the Europeans naked.

To emphasize this turnaround once again, Selensky was expelled from the White House. It can therefore be assumed that the issue of Russian assets will be raised again in the coming days and weeks. Finally, let's take a look at the structure of these assets.

Overview of Frozen Assets The EU has imposed sanctions in response to Russia’s actions, particularly following the invasion of Ukraine in February 2022. These sanctions include asset freezes targeting both Russian state entities (such as the Central Bank of Russia) and private individuals or companies (e.g., oligarchs and sanctioned entities).

The frozen assets fall into two main categories: State-owned assets, primarily reserves of the Central Bank of Russia.

Private assets, belonging to individuals and entities listed under EU sanctions.

1. Central Bank of Russia Assets

Total Value: Approximately €210 billion (around $215 billion USD, depending on exchange rates) of Russian Central Bank reserves have been immobilized in the EU as of mid-2023, with updates suggesting this figure has remained stable or slightly adjusted by 2025.

Nature of Assets: These are primarily financial reserves held in foreign currencies, securities, and other liquid instruments. Most of these assets are managed by central securities depositories (CSDs) like Euroclear in Belgium, which holds the largest share.

Location: The majority is held in Belgium, with smaller portions distributed across other EU countries such as Germany, France, and Luxembourg.

Legal Status: These assets are "immobilized" rather than confiscated, meaning they cannot be accessed or managed by Russia but remain in place pending further legal or political decisions. The EU has begun using the extraordinary profits (e.g., interest) from these assets, estimated at €2.5–3 billion annually, to support Ukraine as of May 2024.

2. Private Assets of Individuals and Entities

Total Value: As of late 2022, the EU had frozen €17.5 billion worth of assets belonging to Russian oligarchs, individuals, and companies. Earlier figures from June 2022 cited €12.5 billion, indicating a significant increase over time. Posts on X and other sources suggest that by 2025, the total value of frozen private assets may exceed €20 billion, though no official update confirms this precisely as of March 1, 2025.

Number of Targets: Over 1,350 individuals and entities are subject to asset freezes, including oligarchs, government officials, and companies linked to Russia’s war efforts.

Types of Assets: Real Estate: Luxury properties such as villas, mansions, and apartments across EU countries, particularly in France, Italy, Spain, and Cyprus. Examples include properties owned by oligarchs like Alisher Usmanov and Mikhail Fridman.

Yachts: High-profile seizures include superyachts like the Dilbar (owned by Usmanov, seized in Germany) and the Amore Vero (linked to Igor Sechin, seized in France). These vessels are often valued in the tens or hundreds of millions of euros.

Helicopters and Private Jets: Aircraft owned by sanctioned individuals have been grounded and frozen, such as those linked to Gennady Timchenko and Alexey Mordashov.

Art and Valuables: Paintings, sculptures, and other high-value items, including collections seized from oligarchs’ residences or storage facilities.

Financial Assets: Bank accounts, investments, and shares in EU-based companies controlled by sanctioned persons. For instance, accounts tied to Petr Aven and Mikhail Fridman in Alfa Group were frozen in 2022.

Business Holdings: Stakes in EU-based firms or subsidiaries owned by Russian entities, such as those linked to Rostec or Sovcomflot, have been subjected to asset freezes.

Oligarchs’ Assets: By June 2022, €12.5 billion in private assets were reported frozen, doubling from earlier estimates in April. This included yachts, helicopters, and real estate.

Entities: Companies like Sogaz (insurance), Alfa Bank, and Russian Railways faced asset freezes, impacting their financial holdings and operational assets in the EU.

Additional Details Windfall Profits: Since May 2024, the EU has redirected net profits from immobilized Central Bank assets (e.g., €557 million earned between February and April 2024) to Ukraine, with 90% allocated for military support and 10% for reconstruction.

Updates in 2024-2025: The 15th sanctions package (December 2024) added 54 individuals and 30 entities, further expanding the scope of frozen assets, though specific values for these additions are not yet detailed.

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