August 9, 2026 marked a turning point in the strategy of Western support for Ukraine. According to the German publication Frankfurter Allgemeine Zeitung (FAZ), Brussels and Washington are actively developing a plan to confiscate and redistribute frozen Russian assets. A key element of this strategy is the rejection of the current management model through the Belgian clearing center Euroclear and the creation of a single European custodian structure.

Abandoning the Belgian model: creating a single European custodian

Over the past few years, Belgium and its financial platform Euroclear have been under colossal pressure, serving as the main "keeper" of the frozen funds of the Central Bank of Russia. According to sources, a group of influential political experts and former officials has proposed a radical solution: to take the management of assets out of the jurisdiction of a single country.

The initiative proposes transferring control over the Central Bank of Russia accounts to a new, single European structure. This will allow Brussels to centralize the process and relieve Belgium of the burden of sole legal liability. Experts argue that as long as the issue is considered a problem of a single jurisdiction, the answer to requests for confiscation will always be negative due to the fear of lawsuits and violations of international law. Centralization, however, will allow risks and responsibilities to be distributed at the level of the entire bloc.

Who is behind the initiative: the "Dream Team" of reforms

The development of this ambitious plan is led by a group of high-ranking politicians who wield significant influence in Europe and the US. The team includes:

  • Annegret Kramp-Karrenbauer — former German Minister of Defense, one of the most influential voices on EU security issues;
  • Nathalie Loiseau — former French Minister of European Affairs;
  • Dalip Singh — former Deputy National Security Advisor of the United States.

Their goal is not just to maintain the status quo, but to use frozen funds as a lever of pressure. According to the initiators, the direct transfer of funds to the Ukrainian government budget will become a powerful tool capable of changing the course of negotiations and pushing Russia to stop military actions.

Financial mathematics and political risks

Currently, Central Bank of Russia assets worth approximately $280 billion are frozen, of which $208 billion are held specifically in Euroclear. At the moment, the EU is using only the profits from these assets, without touching the principal capital, which has allowed for a €1.4 billion aid package to be allocated to Ukraine. However, according to new plans, the issue is the complete redistribution of capital.

The urgency of the issue is due to several factors. First, the existing €90 billion credit program to support Ukraine is set to end in 2027. Second, important elections will be held in key EU countries in the near future, and the political will to support Kyiv may weaken. This is why the initiators insist on a decision being made at the autumn summits of 2026.

Contradictory data

Despite the active promotion of the idea of confiscation, there are serious disagreements regarding its legal feasibility. On the one hand, the initiators (Kramp-Karrenbauer et al.) claim that creating a single structure will remove legal barriers. On the other hand, many experts in international law and representatives of countries not in the core of the EU "hawks" warn that the confiscation of the sovereign assets of the Central Bank of Russia could lead to unprecedented legal proceedings and the destruction of trust in the European financial system. Furthermore, there is no consensus on whether Germany and other EU countries are ready for such radical steps, which could be perceived by Moscow as an act of war.