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News|Russia-Ukraine warWhich countries, besides Russia, have assets frozen by the EU?The European Union has imposed asset freezes totalling hundreds of billions of dollars on at least 31 countries.

European Union leaders have decided against utilizing frozen Russian assets to support Ukraine's defense in the ongoing conflict with Russia. Instead, a loan of 90 billion euros (approximately $106 billion) will be provided by 23 out of the 27 EU member…

NBy Noah KensingtonDec 19, 20253 min read

European Union leaders have decided against utilizing frozen Russian assets to support Ukraine's defense in the ongoing conflict with Russia. Instead, a loan of 90 billion euros (approximately $106 billion) will be provided by 23 out of the 27 EU member states. Hungary, Slovakia, and the Czech Republic have been exempted to facilitate the agreement.

Ukraine is projected to need an additional 136 billion euros (approximately $159 billion) over the next two years to avoid bankruptcy by April, prompting the European Commission to consider using frozen Russian central bank assets within the EU. However, Belgian Prime Minister Bart De Wever demanded guarantees to shield Belgium from potential legal repercussions by Russia, given that most of the assets are held there.

Belgium expressed concerns about potential financial liability if Russia pursued legal action against Euroclear, the financial infrastructure provider holding the assets. Hungary and Slovakia also opposed the plan, with Hungary's Prime Minister Viktor Orban criticizing it as a "dead end." Russian President Vladimir Putin has stated that using these assets for Ukraine would be equivalent to theft.

A view of the headquarters of Euroclear in Brussels, Belgium, on October 23, 2025.

The proposed plan involved the EU borrowing from Euroclear, a Belgium-based clearing house managing over 40 trillion euros (approximately $47 trillion) in assets, to provide Ukraine with an initial loan of 90 billion euros (approximately $106 billion). This amount would cover about two-thirds of Ukraine's funding needs until 2027. Repayment would depend on Russia agreeing to pay war reparations to Ukraine, with estimated reconstruction costs at $524 billion.

European Union leaders have decided against utilizing frozen Russian assets to support Ukraine's defense in the ongoing conflict with Russia.
Noah Kensington · Thehackingpost

Countries Holding Frozen Russian Assets

Since the 2022 invasion of Ukraine, more than 289.5 billion euros (approximately $339.3 billion) in Russian assets have been frozen by Western countries, with the EU holding 209 billion euros (approximately $247 billion). Belgium holds the largest portion at 180 billion euros (approximately $210 billion).

Belgium: 180 billion euros ($210 billion) Japan: 28 billion euros ($32.8 billion) The UK: 27 billion euros ($31.6 billion) France: 19 billion euros ($22.3 billion) Canada: 15.1 billion euros ($17.7 billion) Luxembourg: 10 billion euros ($11.7 billion) Switzerland: 6.2 billion euros ($7.3 billion) The United States: 4.3 billion euros ($5 billion)

Belgium, among other EU members, opposed the plan, arguing that utilizing frozen assets without strong guarantees from the EU is inappropriate. Belgium warned of potential retaliatory actions by Russia, including targeting Belgian property in Russia. Hungary's Prime Minister Viktor Orban described the proposal as unwise and potentially escalating the conflict in Ukraine.

Russia, among other non-European countries, has significant assets frozen in Europe due to EU sanctions. These sanctions often target government officials, oligarchs, or state-owned companies rather than entire national reserves. The EU's sanctions align with United Nations mandates and direct EU decisions, affecting countries like Venezuela.

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In 2017, the EU froze Venezuelan assets in response to political and human rights issues. Similarly, Syria faced restrictive measures starting in 2013, targeting those supporting the Assad regime. Some measures were suspended post-government overthrow in December 2024, though freezes on the Assad regime and related activities remain.

The UK has frozen assets of individuals and entities from 22 countries, primarily aligning with EU sanctions, according to the Office of Financial Sanctions Implementation. The US employs the Specially Designated Nationals List to freeze assets, targeting governments of countries like Cuba, Iran, North Korea, and Russia. In June, an Executive Order from President Donald Trump removed US sanctions on Syria, while country-specific sanctions persist on other nations.

Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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