Ukraine is outraged by the payment of €3B from Russian assets to private investors.

Ukraine is dissatisfied with the decision made by the Belgian depository Euroclear to disburse €3B from frozen Russian funds to Western investors who suffered losses due to the seizure of their money in Russia. Deputy Head of the Office of the President Iryna Mudra stated that this sends the wrong signal and threatens to weaken Europe’s position in its relations with Russia.

“If private investors receive compensation earlier than the victims of the war, it will not be justice,” she stressed.

As of March 2025, Euroclear held €195B in cash, primarily funds from the Russian central bank, but also funds from Russian companies. It was from this latter category that the €3B was paid. Ukraine believes that such actions create the impression of inconsistency on the part of the EU in its confrontation with Russia.

“International law requires that the aggressor fully compensate the victim, not investors who have entered a high-risk jurisdiction,” Mudra noted.

Ukrainian officials fear that the payments could hinder the use of the entire pool of Russian sovereign assets for the defense and reconstruction of Ukraine.