Brussels is considering moving the funds out of Belgium’s Euroclear into a new supranational structure, the SVR has said
The EU is working on a new scheme to “steal” Moscow’s frozen sovereign assets to bankroll Ukraine, Russia’s Foreign Intelligence Service (SVR) said in a press release on Tuesday.
Around $300 billion in Russian sovereign assets was frozen by Kiev’s Western backers after the escalation of the Ukraine conflict in 2022. Roughly $240 billion is still being held at the Belgium-based clearing house Euroclear.
According to the SVR, EU leaders have “a vital interest in stealing Russian assets,” because they fear they will not be able to indefinitely finance “the thieving Kiev regime” without appropriating the funds.
Eurocrats are now “in a hurry” to pull off the seizure before elections in several EU states in 2027, the agency stated, arguing that future governments in the bloc could be less willing to back further financial support for Ukraine.
The EU has already redirected profits generated by the immobilized funds to Ukraine but has been unable to seize the underlying assets due to strong political and legal resistance.
According to the SVR, experts in Brussels are now discussing the creation of a new supranational structure that could take control of Russian central bank funds after they are moved outside of Belgian jurisdiction.
Belgium has repeatedly blocked proposals to seize the assets, with Prime Minister Bart De Wever warning that outright confiscation would expose his country to legal and financial retaliation. Euroclear has also said it could sue the EU if the funds are seized.
Last week, Belgium’s top administrative court also struck down a government decision not to release the assets of Russia’s BCS Bank, which were frozen alongside Moscow’s sovereign assets in 2022. The court found that Belgian authorities had mishandled the case and ruled that the bank could seek a fresh review, potentially setting a precedent for other entities whose requests were rejected under similar circumstances.
Moscow has long denounced any attempt to appropriate its sovereign assets, calling it “theft” and warning that confiscation would trigger retaliation, potentially including measures against Western assets held in Russia.
The SVR has also warned that confiscating Russia’s sovereign funds would damage trust in European financial institutions among major foreign investors, including China, India, Saudi Arabia, the UAE, and Singapore.
