FT says Russia will quickly return frozen assets if sanctions are lifted
As a result of the lifting of sanctions, Russia may receive frozen assets "the next day". This was reported by the Financial Times (FT) on January 17, citing sources.
Senior European Union (EU) officials specify that their main goal is to persuade Hungarian Prime Minister Viktor Orban to keep the anti-Russian restrictions in place. At the same time, "measures are being developed that could protect at least some of them."
"If the sanctions end, <...> 'the money will be in Russia the next day' because financial intermediaries will have no legal grounds to hold it," the publication quoted a European official as saying.
According to him, among other things, trade restrictions and sectoral sanctions, such as a ban on oil imports, will end.
At the disposal of the central securities depository Euroclear in Belgium is about €190 billion of frozen Russian assets. It is specified that Europe has decided to allocate the profit of $50bn from them to help Ukraine. The EU calls the frozen funds of the Russian Federation an important part of a potential end to the conflict.
In addition, the FT notes that the EU may attract Belgian King Philip to maintain sanctions against Russia in case Hungary refuses to extend the restrictions.
Earlier, on January 14, CNN, citing sources, reported that the outgoing team of U.S. President Joe Biden proposed to European colleagues to transfer the frozen assets of the Russian Federation to a special account. According to the sources, supporters of US leader-elect Donald Trump are not against this initiative.
On December 24, 2024, Ukrainian Prime Minister Denis Shmygal wrote in his Telegram channel that the country had received $1 billion at the expense of frozen Russian assets, adding that this was the first tranche of the planned $20 billion that the United States is ready to allocate through the use of immobilized Russian assets within the framework of the G7 initiative. Andrei Klimov, deputy chairman of the Federation Council's (SF) Committee on International Affairs, called for the launch of inspections and civil and criminal proceedings after the transfer of $1 billion from Russian assets to Ukraine.
Western countries have stepped up military and financial support for Kiev against the backdrop of Russia's special operation to protect Donbass, which was announced by the Russian president on February 24, 2022, after the situation in the region worsened due to shelling by the Ukrainian military. Soon the EU approved the freezing of assets of the Russian Central Bank. A total of about $335bn was frozen.
