EU has frozen over $215 billion in Russian central bank assets since Russia's invasion of Ukraine

The European Union (EU) has immobilised more than €200 billion ($215 billion) in Russian central bank assets since Russia’s invasion of Ukraine, the latest data suggests.EU nations reported fresh numbers on the blocked assets after the 10th sanctions package which forced banks to divulge information on the size of their holdings.

EU’s commitment to make Russia pay fordamages caused in Ukraine

European Commission spokespersonChristian Wigand confirmed the number of immobilised assets in the Russian banks. Speaking on the issue during an interview, Wigand stated that “the EU is committed to ensuring that Russia pays for the damages caused in Ukraine. The EU is exploring ways of using Russian frozen and immobilised assets for that purpose.”

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The EU and its allies have repeatedly said that Russia must pay for the damages it has inflicted on Ukraine. That belief was recently reaffirmed at the G-7 summit in Japan.

EU member states are also exploring ways to use some of the frozen assets to contribute towards Ukraine’s future reconstruction.

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As reported by Bloomberg, one option that is under discussion is to invest in the central bank and other Russian state assets and use any proceeds for Ukraine.

EU freezes private assets of individuals

EU has also frozen €24.1 billion ($25.8 billion) in Russian private assets of sanctioned individuals and entities since the invasion of Ukrainealmost 15months ago.

The EU has also sanctioned almost 1,500 individuals and restricted exports of hundreds of goods and technologies. Many of Russia’s key revenue sources have also been targeted by the EU. However, the EU has been unsuccessful so far in freezing the assets of sanctioned Russian billionaires.

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EU is working closely with international allies

In his recent statements, Wigand pointed out that “the European Commission is working closely with Sweden, which holds the rotating EU presidency, to move discussions forward on proposed options to use frozen central bank assets”.

The EU is also discussing its proposed plans with its international allies to ensure the necessary coordination at the international level. However, these reflections are both legally and technically complex,” he said.

The EU leaders are expected to discuss this further at their next meeting which is scheduled in the month of June this year.

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