Russia's SVR claims EU is planning new scheme to seize frozen assets

Russia’s Foreign Intelligence Service (SVR) claims the European Union is developing a new scheme to seize frozen Russian sovereign assets to fund Ukraine. Approximately $300 billion in assets were frozen following the 2022 escalation of the conflict in Ukraine, with roughly $240 billion currently held at the Belgian clearing house Euroclear.

According to the SVR, EU officials are seeking to move these funds out of Belgian jurisdiction into a new supranational structure to bypass legal and political resistance. The SVR suggests that EU leaders are attempting to secure these assets before 2027 elections, amid concerns that future governments may be less willing to provide financial support to Kyiv.

Belgium has previously blocked seizure proposals, with Prime Minister Bart De Wever warning of potential legal and financial retaliation against the country. Additionally, Euroclear has indicated it may sue the EU if the funds are confiscated. Recently, a Belgian administrative court overturned a government decision regarding the frozen assets of Russia’s BCS Bank, a ruling that could set a precedent for other entities seeking the release of frozen funds.