The question of where Russia’s immobilised sovereign assets are located has resurfaced amid heated discussions about using them to finance Ukraine’s reconstruction. While the G7 countries repeatedly assert that around 300 billion euros of Russian Central Bank assets are frozen across their jurisdictions, only Belgium has openly disclosed details.

At the heart of the debate is Euroclear, the Brussels-based central securities depository that holds the bulk of these assets. When Belgian Prime Minister Bart De Wever blocked the proposed 140 billion euros reparations loan to Ukraine during last month’s EU summit, he complained that his country was unfairly singled out. “The fattest chicken is in Belgium, but there are other chickens around,” De Wever said, noting that other Western nations remain silent about their share of the assets.

Following the summit, Euronews contacted several countries believed to hold portions of Russia’s frozen funds, including France, Germany, Luxembourg, Switzerland, the United Kingdom, the United States, Canada, Japan, and Australia. However, most governments avoided revealing precise figures, citing confidentiality or legal constraints.

Ironically, the clearest answers came from two nations often associated with financial secrecy - Luxembourg and Switzerland. Luxembourg’s finance and foreign ministers jointly declared that the assets of the Russian Central Bank immobilised in their country amount to less than 10,000 euros, contradicting previous European Parliament research estimating between 10 billion euros and 20 billion euros. Switzerland confirmed holding 7.45 billion Swiss francs (about 8 billion euros) in Russian sovereign assets stored in commercial banks, though it is not part of the EU or G7. Swiss authorities said they are monitoring the debate closely, stressing that any decision will respect domestic and international law while safeguarding financial stability.

In contrast, Germany refused to disclose the scale or location of Russian assets within its territory, citing data protection and EU sanctions law. Japan, believed to hold between 25 billion euros and 30 billion euros in Russian funds (though De Wever has claimed as much as 50 billion), also declined to comment. France avoided providing a figure, despite former finance minister Bruno Le Maire previously stating that 22.8 billion euros had been frozen. The US Treasury did not respond, though in 2023 Axios reported that 5.06 billion dollars (4.41 billion euros) in Russian sovereign assets were blocked within American banks.

This widespread reluctance contrasts sharply with Belgium’s transparency. Euroclear routinely publishes reports on the Russian funds it holds, including their composition, value, and the profits they generate. As a central securities depository, Euroclear is bound by stricter reporting rules than private banks, where secrecy remains a core principle.

Experts note that the lack of public data from other countries weakens efforts to create a unified approach to using frozen assets for Ukraine’s benefit. The European Commission, which drafted the reparations loan plan, has not clarified whether it would consider funds beyond Euroclear’s holdings.

Dr. Szymon Zaręba of the Polish Institute of International Affairs, who attempted to trace the assets, said he encountered the same opacity as journalists. He argued that fears of Russian retaliation are misplaced, as Moscow already knows where its funds were deposited before the invasion.

The debate is further complicated by confusion between sovereign assets of the Russian Central Bank and the private assets of sanctioned oligarchs. In the United Kingdom, for instance, Foreign Secretary Yvette Cooper has urged international action to use Russia’s frozen sovereign funds for Ukraine. However, while the UK’s Office of Financial Sanctions Implementation reports 28.7 billion British pounds (32.6 billion euros) in frozen Russian assets, that figure excludes sovereign holdings, which London refuses to quantify separately.

Canada’s authorities say they have frozen 185 million Canadian dollars (114 million euros) in Russian assets and blocked 473 million Canadian dollars (291 million euros) in transactions, but they too do not specify how much belongs to the Russian Central Bank. Australia, holding a smaller share, provided no details.

As Francis Bond, a sanctions expert at Macfarlanes law firm, noted, “There are no exact figures. The states might have a rough idea of what lies within their jurisdictions, but public oversight is minimal.” He added that this unprecedented situation comes with major legal, financial, and political risks.

For now, only Belgium stands out as the sole Western nation openly accounting for Russia’s immobilised funds - while the rest of the world maintains a conspicuous wall of silence.

Source: Euronews