EU weighs separate vehicle for frozen Russian assets, Lenta.ru reports

The European Commission is considering moving Russian funds from Euroclear to a separate European entity to distribute related legal and financial risks, Lenta.ru reported.

The proposal concerns about €200 billion in Russian assets frozen in the European Union, most of them held by Belgium-based depository Euroclear. A separate vehicle could move the funds and related exposure away from Belgium and distribute potential risks from Russian lawsuits among EU member states.

As summarized by the outlet, the European Commission does not consider the arrangement a confiscation because Ukraine is expected to repay the funds after Russia pays reparations. This describes a reported option under discussion, not an adopted decision.

Earlier, Russian Foreign Ministry official Vladislav Maslennikov said Moscow would respond in a targeted and measured way to EU countries if the assets were seized.