Among the countries that were alarmed by statements from Moscow about the “strictest” response are Belgium, Italy and Austria, the publication notes.
It draws attention to the fact that the threats from the Russian Federation were made against the background of the European Union summit scheduled for December 18, at which they were going to discuss a possible decision on the so-called reparation loan for Ukraine at the expense of Russian funds.
It is expected that Ukraine’s position at the summit will be voiced personally by President Vladimir Zelensky.
Italian senator Claudio Borghi of the pro-Russian League party told the Financial Times that one of the consequences of the likely decision on Russian money in Europe could be Russia confiscating foreign assets. The politician used the word “catastrophe”.
Also, the Italian bank UniCredit continues to earn money in the Russian Federation, and its branch may allegedly suffer.
Austria is concerned that Moscow may try to confiscate the assets of its largest bank, Raiffeisen, whose revenue in Russia amounted to $2.9 billion in 2024, the media writes.
An unnamed Austrian official told reporters that “this is uncharted legal territory” and said the Commission should communicate more with EU members on the topic.
Belgium has already expressed concerns regarding the issue of frozen Russian funds. In particular, its Prime Minister Bart de Wever named three conditions under which he would agree to support the idea of a “reparation loan,” and Valerie Urbain, director of the Belgian depositary Euroclear, which manages frozen Russian assets, stated that she “does not rule out” legal claims against the European Union if a decision is made to confiscate them.
The publication's interlocutors believe that in Belgium it is assumed that Euroclear will become the first victim of Russia's potential retaliatory measures.
The Financial Times writes that the confiscation could affect Western investors who owned publicly traded Russian securities before the Russian invasion of Ukraine, as well as Western companies with stakes in Russian corporations or simply operating in the Russian Federation.
The Kremlin also threatened to sue Western governments, companies and private investors in foreign courts, the media noted.
Politico wrote on December 16 that Russia would have little chance of getting its frozen assets in Europe back through the courts.
