An EU country has authorized the release of $33 million in seized Russian assets, but the EC has no new proposals.

Russia's Acting Ambassador to the United Nations Kirill Logvinov warned that the European Union (EU) has not given up on the idea of seizing Moscow's frozen state assets in the future.

Brussels không từ bỏ ý định tịch thu tài sản của Nga tại EU

Brussels has not given up on its intention to seize Russian assets in the EU. (Source: Shutterstock)

RIA Novosti news agency quoted Mr. Logvinov as saying: “Regarding the frozen assets of the Central Bank of Russia, the European Commission (EC) has not yet made a proposal on using these assets for the reconstruction of Ukraine due to well-founded concerns of a number of member states and the European Central Bank (ECB).

Brussels has not given up on its intention to seize the main part of Russian state assets frozen in the EU at some point in the future.

In a related development, on September 25, business daily Kommersant quoted a source from the Delcredere law firm as saying that a group of Russian investors had sought to recover funds frozen in the EU.

According to Kommersant , the Belgian Finance Ministry has granted permission to release assets frozen at Euroclear - the EU's largest depository. Belgium's decision sets a precedent for granting such permission based on a class action lawsuit.

The lawsuit was filed in early January by a major Russian management company on behalf of a group of more than 250 investors, including individuals and institutions. The name of the company has not been disclosed.

The amount released amounts to more than $33 million, including foreign bonds and shares, depositary receipts, structured bonds and cash, said Andrey Timchyuk of the Delcredere law firm.

“Some of the clients have EU residency permits and accounts with European financial institutions. The Belgian Ministry of Finance has granted permission to transfer all assets to a broker’s account in Cyprus. The further disposal of the assets will depend on the wishes of the management company and its clients,” he said.

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