Russian Intelligence Agency Raises Concerns Over EU Plans for Frozen Central Bank Assets
Dragon Media News Desk
Russia’s Foreign Intelligence Service (SVR) has alleged that officials in the European Union are considering ways to transfer frozen Russian central bank assets to a new institution. In a statement issued by its press bureau, the SVR claimed that proposals were being prepared to establish a supranational body that could receive Russian assets currently held through Euroclear, a securities depository operating under Belgian jurisdiction.
According to the SVR, EU officials are exploring further ways to use frozen Russian assets to meet Ukraine’s financial needs. The Russian intelligence agency characterized the reported initiative as an attempt to gain control over Russia’s sovereign funds. Its statement, however, did not provide independently verifiable details of the proposed institution, its legal authority or any finalized decision to transfer the assets.
The SVR also alleged that EU leaders face pressure to settle the issue before elections scheduled in several European countries in 2027. Referring to the presidential election in France and parliamentary elections in Spain, Greece and Poland, the agency suggested that political changes could affect existing policies on assistance to Ukraine. This represents the SVR’s assessment, not an established conclusion about the outcome of those elections.
Russia has consistently opposed proposals to confiscate its frozen central bank assets or transfer their ownership. Within the European Union, discussions concerning financial assistance to Ukraine have involved distinct questions about using income generated by immobilized assets and the legal status of the underlying funds. Using proceeds from frozen assets and confiscating the principal are separate legal and financial measures.
The SVR warned that attempts to take control of Russian sovereign assets could weaken international confidence in European financial institutions. Its statement referred to China, India, Saudi Arabia, the United Arab Emirates and Singapore, arguing that the confidence of major foreign holders of European securities is important to the stability of Europe’s financial system.
The future of Russia’s frozen central bank assets extends beyond the question of financial assistance to Ukraine. It also raises broader issues concerning the legal protection of sovereign reserves, confidence in international financial institutions and the security of foreign exchange holdings during geopolitical conflicts.
