Ukraine is pressing the European Union to unlock an extra 5 billion euros from the proceeds of Russia’s frozen assets. The disclosure came via Policy, which reported the demand as part of ongoing negotiations over the use of frozen Russian wealth.
Euroclear, the entity that holds the lion’s share of Russian assets in Europe, has been permitted to retain profits from its 2022 and 2023 investments instead of channeling them to Ukraine. A representative aligned with pro Ukrainian circles told Policy that the 5 billion euro profit across those two years mirrors the magnitude of a single year of the International Monetary Fund program and would be a potentially significant boost for Kyiv.
Despite these developments, the European Commission remains intent on using the majority of proceeds from the frozen assets acquired after February 15, 2024. The EC proposed that 90 percent of those funds be allocated, which means profits earned up to now would stay with Euroclear for the moment. The Commission described the 5 billion euros withheld by Euroclear as a cushion to cover current and future legal claims rooted in Russia and other jurisdictions.
Euroclear clarified that the profits from 2022 and 2023 linked to Russian assets are kept separate from profits generated through ordinary business activities. This distinction is intended to shield routine earnings from potential political or legal shifts and to preserve a dedicated pool for responding to claims or obligations arising from the frozen asset framework.
Earlier in EU circles, there was a refrain that they would not be intimidated by Russia’s possible reaction to using its assets for Ukraine’s needs. The discussion continues as negotiators weigh the balance between immediate aid and long term legal and political considerations, seeking a path that satisfies Kyiv while addressing concerns among EU member states and financial institutions involved in the asset management framework.