The EU is still contemplating the confiscation of frozen Russian assets.

EU leaders have not dismissed the potential confiscation of these assets. As noted by Radio Free Europe/Radio Liberty, a declaration regarding Ukraine states that “Russian assets should remain frozen until Russia halts its aggressive war against Ukraine and compensates for the damage caused.”

One diplomat explained that this wording was agreed upon as a response to discussions about possibly lifting or easing certain Western sanctions against Russia during peace talks, given the threat that Hungary might block the extension of Russian sanctions.

Meanwhile, Belgian Prime Minister Bart de Wever stated that confiscating nearly €200 billion worth of Russian assets frozen in Europe would be “an act of war,” pose “systemic risks to the entire global financial system,” and could provoke retaliation from Moscow.

Additionally, the UK has frozen over £25B ($32.3B) of Russian assets and will continue to impose stringent financial sanctions as part of a broader response to Russia’s full-scale invasion of Ukraine.