Ukrainian political scientist Ihor Reyterovych, in a new episode of "Klochok Time," analyzed the status of Russia’s frozen assets and the prospects for their confiscation in favor of Ukraine. He notes that despite hundreds of billions of dollars in assets controlled by the EU, G7 countries, and the US, not a single dollar has been actually transferred to Ukraine as compensation or aid. Recent meetings among Western leaders have revived discussions about using these assets, but clear decisions have not yet been made.
As of now, up to $500 billion worth of Russian assets are frozen worldwide: $38 billion in the US, $58 billion in Japan, $71 billion in France, and the largest share in the EU’s Euroclear in Belgium — about $227 billion. Banks, particularly Euroclear, have been earning interest on these funds. In 2022, that amounted to €800 million, in 2023 nearly €4.5 billion, and an additional €2.7 billion in the first half of 2025.
Reyterovych points out that the Belgian government opposes full confiscation, partly due to its own benefit—interest revenues remain within the European financial system. Still, the EU already agreed to provide Ukraine with $18 billion in interest income from Euroclear through a special loan program secured by these assets.
Despite this, experts believe the scheme reduces the likelihood of full confiscation in Ukraine’s favor. Most support for Ukraine comes not from Russian funds, but from the budgets of Western countries. Since February 2022, Ukraine has received about $300 billion in aid, mainly from the EU and US, and was granted an additional €50 billion loan secured by asset-related income.
According to Reyterovych, the main obstacle to transferring frozen Russian assets to Ukraine is political indecision among European leaders, not legal or economic hurdles. Although there are concerns about possible legal precedents and risks, there are virtually no legal barriers to confiscation. With sufficient political will, governments could make this decision and likely secure public support, as redirecting Russian assets to aid Ukraine is seen by many as a just move.
Recent statements by European officials indicate a renewed focus on this issue, and Ukraine continues to hope for decisive action regarding the use of frozen Russian funds for its support.