The dilemma of Russia’s frozen assets

Russia’s central bank says it has around $350 billion worth of
assets frozen in the West – some of which the European
Union is considering using to fund loans to Ukraine

FROZEN RUSSIAN STATE ASSETS (2022 data offers clearest insight)

EU: $207bn – Mostly held by Euroclear
securities depository in Belgium*

U.S.: $67bn

UK: $37bn

Japan: $36bn

Canada: $19bn

Australia: $6bn

Singapore: $1.8bn

Switzerland: $1bn

TOTAL: $374.8bn

EU suggests plan to use
frozen Russian assets
to underpin loan to
Ukraine of $160bn,
which will only be
repaid if Ukraine
receives suitable
reparations from
Russia for damages
incurred during war

*Currently, EU is repaying $50bn loan to Ukraine using interest earned from Russia’s frozen assets, which it says amount to $228.4bn in 2025.
Sources: Bloomberg, Politico, Reuters
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