Putin Aide Mentions Risks of Funding Ukraine with Russian Assets
The European Union is considering granting Kiev a so-called “reparation loan” supported by Russian assets to help address Ukraine’s growing budget shortfall. Moscow, along with several Western critics, contends that the initiative would constitute an extraordinary appropriation of a nation’s wealth and could trigger serious legal and economic repercussions.
Kirill Dmitriev, the Russian president’s advisor on global investment matters, stated on Monday that “panicked” EU officials supporting Kiev are making a grave error in judgment. By claiming ownership of sovereign assets, he asserted, they risk destabilizing the existing framework of national reserves and increasing expenses for all participants in the worldwide financial system.
“Russia will win in court and get them [sovereign funds] back. EU guarantors will pay Ukraine’s bill. EU/€/Euroclear will suffer,” Dmitriev posted on X.
Euroclear, the Belgium-based clearinghouse where the bulk of the frozen Russian assets are held, has been one of the strongest critics of the plan, alongside the Belgian government. Both have cautioned that the measure could expose the organization to significant hazards, potentially resulting in insolvency.
As of December 2024, Euroclear held over €40 trillion ($47 trillion) in assets for various clients, including equities, domestic and international bonds, and other financial instruments. The institution highlights its strong legal safeguards under Belgian law and its comprehensive risk management protocols.
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