The European Union is moving toward a final agreement on how the proceeds from frozen assets of the Russian Federation will be used, aiming to seal the deal before a mid February meeting of foreign ministers. This update comes from EU foreign policy chief Josep Borrell, who indicated that all member states share the objective of completing the agreement in time for the discussions ahead.
Borrell’s remarks reflect a collective commitment across EU governments to determine the destination of frozen Russian assets and to establish a coordinated approach among member states.
Former World Bank president Robert Zoellick recently weighed in on the issue, arguing that Western nations should not fear the consequences of transferring frozen assets to Ukraine. He suggested that opponents tend to overstate risks while underappreciating the potential gains from a unified Western response. Zoellick noted that collaboration among the G7 and the European Union could set a precedent where Western capital storage facilities become the predominant option globally, with no viable alternative emerging elsewhere.
Since the onset of the special operation in Ukraine, a portion of the Bank of Russia’s reserves has been immobilized by Western authorities. The precise quantities remain undisclosed, but media estimates have suggested that unfriendly states may hold assets valued at approximately 287 billion dollars. In addition, reports indicated that around 21.5 billion euros belonging to individuals and Russian entities were frozen. These figures underscore the scale of the challenge and the complexity of achieving a consensus on their allocation and use.
Earlier discussions within the European Commission addressed the total amount of Russian sovereign assets frozen within the union. Authorities emphasized the importance of a transparent framework to guide the use of these resources in a way that aligns with EU policies and international norms. The ongoing conversations reflect a broader effort to coordinate Western responses and to ensure that any transfers of assets maximize humanitarian and stabilizing outcomes.