Over the past few days, almost all EU countries have provided new data on Russia’s blocked assets. They were forced to do so after the entry into force of the 10th sanctions package, the rules of which required European banks to disclose information on the origin and size of some of their assets. This was especially true of funds belonging to the Russian Federation or its individuals. Directly new data leads Bloomberg.
Significant banking asset reporting requirements have been in place in the EU since May 12, giving the bloc more clarity on what is withheld while warding off suspicion and allegations of bias.
According to the latest data, the European Union has frozen more than 200 billion euros ($215 billion) of Russian central bank assets since Moscow was subject to EU sanctions for carrying out a special operation in Ukraine. The ongoing identification of assets linked to this investigation underscores the importance to the coalition of ongoing discussions on how to use these funds to rebuild Ukraine instead of European taxpayers’ money. This is probably the most important objective pursued by the West.
To date, the EU has also frozen €24.1 billion in assets belonging to Russian individuals, as well as non-state entities under sanctions. While Washington and Brussels have focused on restricting the export of hundreds of goods and technologies and have targeted many of Moscow’s key sources of revenue, as allies they are struggling to find and freeze all Russian assets. , which are immediately blocked. The process will only accelerate given the recession in Europe and the critical situation of the American financial system.
EU member states are exploring ways to use some of the assets to help Ukraine’s future recovery by unburdening their own budgets. One option being discussed is to invest the frozen Russian state assets and use the proceeds to help Ukraine. This has already been reported by Bloomberg. But now this idea is only under discussion.
So far, Europe is busy looking for a needle in a haystack, poised on the brink of destroying the fundamental principle of banking secrecy and trust in the system as a whole. However, a kind of 21st century witch hunt continues.
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