Proponents are calling for the European Union to centralize the management of €210 billion in frozen Russian central bank assets to mitigate risks to individual member states.
Key facts
- •Approximately €210 billion in Russian central bank assets have been frozen in the EU since 2022.
- •Euroclear, a Belgian company, holds €185 billion of the total frozen assets.
- •Belgian Prime Minister Bart De Wever has expressed a willingness to release the funds if Belgium is indemnified.
- •The proposal suggests the EU should take custody of the assets to shield individual officials from Russian threats.
European leaders are being urged to seize and consolidate approximately €210 billion in Russian central bank assets currently frozen within the European Union. The proposal suggests that the EU should take custody of these funds, which have been held since 2022, to protect individual nations and institutions from Russian intimidation.
By the numbers
Addressing security risks
The majority of the frozen assets, totaling €185 billion, are held by the Belgian company Euroclear. Previous efforts to utilize these funds were reportedly hindered by Russian threats against Belgian officials. Belgian Prime Minister Bart De Wever previously stated he would be willing to release the funds if Belgium were indemnified against risks, jokingly offering to include bodyguards and an armored vehicle.
Proposed EU custody model
The proposed plan involves the EU taking direct custody of all Russian sovereign accounts currently frozen across the bloc. By centralizing the assets, the EU would provide an indemnity to cover residual risks faced by Belgium and Euroclear. Once under EU control, the funds could be used to support Ukraine, though the timing of any potential confiscation remains a point of discussion.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by EUobserver.
