Brussels Playbook Podcast How about them assets — making Russia pay for Ukraine
Oct 24, 2025
Join financial services reporter Gregorio Sorgi, climate correspondent Zia Weise, and on-the-ground summit reporter Gabriel Gavin as they delve into pressing EU matters. Sorgi breaks down the complexities of lending €140 billion from frozen Russian assets to Ukraine, touching on Belgium’s liability fears. Weise discusses the renewed focus on climate goals, including the contested 2040 emissions target. Meanwhile, Gavin unveils the 19th sanctions package and its implications for Russia’s war economy, highlighting the political divides shaping these critical decisions.
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Scale And Novelty Of The Proposal
- About $250–300bn of Russian assets sit frozen worldwide, with ~€170bn having matured into cash.
- The Commission views using that cash (not principal) as legally safer than confiscation, but it's still unprecedented.
Belgium's Special Exposure Via Euroclear
- Belgium fears legal and reputational fallout because Euroclear, the custodian, is based there and could face investor withdrawal.
- The Commission argues risk is shared EU-wide and Euroclear wouldn't be forced to repay as the loan is issued by the EU.
Reduce Unanimity Risk For Longevity
- Insulate the loan from future political reversal by reducing the need for unanimous sanction renewals.
- Otherwise a single country could return frozen funds and unravel the whole operation.
