Belgium Von der Leyen also wants to use Russian money in Germany
Germany and several other states, as well as Belgium, are to provide fixed Russian funds to support Ukraine. According to EU officials, this is provided for in the proposal for a so-called reparations loan of up to 210 billion euros now presented by Commission President Ursula von der Leyen.
03.12.2025, 14:55
03.12.2025, 20:03
SDA
In addition to Germany, France, Sweden and Cyprus are also possible donors of Russian state assets for the project, with most of the money being held in France. The Russian central bank assets managed by the Belgian financial institution Euroclear are estimated at around 185 billion euros.
The Belgian government has repeatedly called for the involvement of other EU states in recent months in order to reduce the risk of Belgium becoming the sole target of possible retaliatory measures. This includes the risk of Moscow expropriating European private individuals and companies in Russia.
German business sees major risks
Matthias Schepp, Chairman of the Board of the German-Russian Chamber of Commerce Abroad, recently warned that German assets worth over 100 billion euros are at risk. "Germany has invested in Russia like no other country. It therefore has the most to lose from the planned use of Russian central bank funds for arms purchases for Ukraine," he told the German Press Agency in October.
German government keeps exact figures secret
The German government has so far kept secret how much Russian central bank money is in Germany. All that has been communicated recently is that assets totalling around 3.5 billion euros have been frozen or immobilized in connection with the Russian war of aggression against Ukraine. This includes frozen funds and economic resources of listed persons or entities as well as "foreign assets of the Russian Central Bank that are subject to a transaction ban".
According to diplomats, the central bank's assets are probably in the low three-digit million range. The German government has not yet taken a clear public position on the question of whether it would also be prepared to contribute assets located in Germany. A spokeswoman for the Ministry of Finance told the German Press Agency this evening: "The Federal Government is evaluating the proposal." We ask for your understanding that this evaluation is still ongoing.
Showdown in two weeks?
The governments of the member states must now discuss the EU Commission's plan presented on Wednesday. President von der Leyen hopes that the heads of state and government of the EU member states will approve it at their December summit in two weeks' time. Over the next two years, around 90 billion euros will initially flow into Ukraine.
As an alternative to the concept for the use of Russian funds, von der Leyen also presented a concrete proposal for taking on new EU debt for Ukraine. However, numerous countries such as Germany reject this and are counting on breaking Belgium's persistent resistance to the use of Russian funds. The EU country plays a central role in the project, as a large proportion of the Russian funds are currently managed there by the company Euroclear.
Russia to pay for reconstruction
The basic concept for the use of Russian funds has been known for several months and is also supported by German Chancellor Friedrich Merz (CDU). It stipulates that Russia will only get its money back if it pays reparations after the end of its war of aggression against Ukraine. In the event that the frozen Russian money had to be released unexpectedly, for example as a result of international judgments or deals, the EU states would only have to provide guarantees.
