The EU will eventually have to return Russia’s sovereign assets frozen under Ukraine-related sanctions, President Vladimir Putin has said. He warned the bloc against tapping the funds, saying the move would cause reputational damage and risk undermining the foundations of the modern financial system.


Kiev’s Western backers froze about $300 billion in Russian central bank assets after the escalation of the Ukraine conflict in 2022. The majority of the funds are held at Belgium-based depository Euroclear. The EU has been debating using the funds as collateral for a so-called “reparations loan” for Kiev and last week approved legislation to replace the current freeze with a long-term measure that would keep the assets blocked indefinitely.

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