Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces

EU mulls profiting from billions of illegally frozen Russian funds

  • By Al Mayadeen English
  • Source: News Websites
  • 17 Sep 2023 19:01
3 Min Read

According to reports, European Union officials are planning to skim off revenues from more than €200 billion ($215 billion) in unlawfully frozen Russian Central Bank assets.

  • x
  • EU mulls profiting from billions of illegally frozen Russian funds
    European Commission President Ursula von der Leyen applauds during a ceremony marking the 70th anniversary of the European Parliament on November 22, 2022 in France. (AP)

In November 2022, EU chief Ursula von der Leyen suggested establishing a "structure" in order to manage Russian frozen assets and use them to fund Ukraine.

In May, citing data from the European Commission (EC), the total value of Russian private assets frozen in the European Union due to sanctions reached 24.1 billion euros ($25.9 billion), according to the German newspaper Welt am Sonntag.

The frozen assets' revenues increased from 18.9 billion euros in December to 24.1 billion euros in May, the newspaper reported, adding that approximately 1,473 individuals and 205 companies from Russia are now sanctioned by the EU.

The EU possibility mirrors what the US Justice Department has been considering, as it seeks congressional approval to utilize frozen Russian assets in support of Ukraine.

In July, the G7 group declared that Russian assets would remain frozen until Moscow compensates Ukraine for the alleged "damage" caused during the conflict.

Nearly half of Russian foreign reserves sanctions

Related News

Netherlands launches $58mln fund in quest to recruit top researchers

Trump slaps trade partners, Mexico, EU, with 30% tariffs from Aug. 1

Since the start of the war in Ukraine in February 2022, nearly half of Russia's foreign currency reserves have been sanctioned, amounting to about $300 billion, as part of the West's draconian sanctions campaign against the country. 

Moscow has consistently argued that the efforts to seize frozen Russian assets constitute an expropriation of property in violation of international law.

The European Commission is preparing for a meeting on the matter with officials from France, Germany, Spain, Belgium, and Italy on September 21, and will then debate the idea with all member states, according to sources.

The commission's working group has apparently pushed for a step-by-step implementation of the three principal suggestions contained in the draft report.

According to the study, these phases are clarifying duties and financial commitments, putting in place regulations for central securities depositories to segregate Russian assets' cash balances, and transferring revenues to the EU's budget as "external assigned revenues."

A long and costly legal matter

The projected windfall earnings from Russian Central Bank assets blocked in the EU amount to roughly €3 billion ($3.202 billion). It was previously stated that cash and deposits account for more than half of the assets. According to the study, a "substantial amount" of the remaining funds are in securities.

While numerous Western countries have recommended collecting Russian assets in international banks that were blocked as a punitive action at the outset of the war and using them to fund Ukraine's reconstruction effort, experts told Sputnik that the legitimacy of such a move is uncertain. This would "induce an extremely long and costly legal procedure."

The G7 allegedly explored methods to transfer Russian assets seized overseas to Ukraine during a ministerial meeting in the spring, with a person involved with the discussions stating that "legal complexities" and "domestic restrictions" were making the transfer difficult.

  • Ursula von der Leyen
  • European Union
  • Europe
  • Russia
  • frozen assets
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS