The Center for Financial Integrity, together with Anton Moiseienko, organised an online lecture on frozen Russian assets.
On 9 September, Anton Moiseienko led a discussion on “Confiscation of Frozen Russian Assets: Where We Are Now and What’s Next”. He is the author of numerous publications on this subject, including the first legal analysis of the possibility of their confiscation, and has given related testimony to the Parliamentary Assembly of the Council of Europe and the Parliament of Australia.
Following Russia’s invasion of Ukraine, a significant portion of Russia-related assets was frozen worldwide. This includes approximately $300 billion in foreign reserves of the Russian Central Bank—i.e., state assets—and about $58 billion in private assets.
The largest amount of frozen Russian assets is held in the EU, particularly in the Belgian securities depository and Euroclear bank—around $227 billion (€195 billion). Some Russian assets are held as direct bank deposits, for example in Canada, where the bank is fully aware that Russia is the owner of these funds.
Problems arise with indirect deposits passed through intermediaries such as Euroclear. In these cases, the intermediary bank may receive the funds or assets but may not know who the ultimate owner is.
As a result, it remains unclear whether all countries are fully aware of the total amount of Russian assets held under their jurisdiction through Euroclear. Only the EU can impose sanctions on Euroclear. This is why experts use the term “immobilization” of assets, emphasizing the unique nature of these measures.
Some owners attempt to move their assets, effectively trying to circumvent sanctions. Controlling private assets and ensuring sanctions are effective globally is significantly more difficult than with state assets, though progress is being made. The first transfer of proceeds from confiscated property to Ukraine’s reconstruction occurred in 2023, when part of Konstantin Malofeev’s assets were transferred in May. In August 2025, the yacht Amadea, owned by Suleyman Kerimov, was put up for auction.
Although funds from Russia’s frozen assets have not yet been fully transferred to Ukraine, the interest generated from them has already started to provide benefits, amounting to approximately €4.5 billion per year. Euroclear continues to manage Russian assets, generating income from them without any active contracts with Russia and is not obliged to transfer funds to the Russian side. The EU and Belgium have determined that this interest belongs to Euroclear, cannot be paid to shareholders, and is subject to Belgian taxation at a 25% rate. Thus, part of the revenue from frozen assets is already being used to support Ukraine.
The objectives for frozen assets have evolved over time. In 2022, the discussion focused on the confiscation and transfer of Russian assets in favor of Ukraine, while in 2025, the primary goal became preventing these funds from returning to Russia.
Arguments in favor of transferring frozen Russian assets combine legal and political aspects. From a legal standpoint, the UN General Assembly recognized in November 2022 that Russia should pay reparations to Ukraine, and states can take countermeasures in response to violations of international law. From a political perspective, support for Ukraine from G7+ countries demonstrates that Western states are willing to provide financial assistance while Russian assets remain frozen. The establishment of a compensation mechanism and a damage registry allows for clear tracking of where and for what purposes these resources are directed, ensuring transparency and public oversight.
Frozen Russian assets represent a unique international case, combining economics, law, and politics. While the majority of funds remain untouched for now, part of the revenue is already being transferred to Ukraine, and the international community is seeking ways to effectively use these resources to restore justice.
10-11 July 2025
