--- title: "71 MEPs call for transfer of frozen Russian Central Bank accounts to EU structure management" description: "71 MEPs from six factions have urged the inclusion of transferring frozen Russian Central Bank accounts to EU management in the 2027 Ukraine financing proposal, requesting approval by year-end." date: 2026-11-12T18:46:57.271Z lang: en url: https://xab.info/en/posts/meps-frozen-russian-central-bank-accounts-eu-control tags: [eu-parliament, russia, frozen-assets, ukraine, euroclear, von-der-leyen] author: "Alexander Buran" publisher: "XAB.info" --- # 71 MEPs call for transfer of frozen Russian Central Bank accounts to EU structure management ## Key Points - 71 MEPs from six factions called for transferring frozen Russian Central Bank accounts to a special EU structure - Deputies demand the transfer be included in the 2027 Ukraine financing package and approved by year-end - Euroclear holds about 185 billion euros of the roughly 210 billion euros in frozen Russian Central Bank assets - Under 'The Russian Transfer', ownership stays with the Central Bank of Russia, with the EU compensating for potential losses - The European Commission will present the Ukraine financing proposal before the November 26–27 EU summit in Brussels A group of 71 Members of the European Parliament, representing six political factions, has sent a letter to the European Union leadership calling for the inclusion of a transfer of frozen Central Bank of Russia accounts to a special EU structure within the upcoming financing proposal for Ukraine for 2027. The document dated Thursday, November 12, seen by DW, is addressed to the Prime Minister of Ireland — the country holding the presidency of the Council of the EU — Micheál Martin, President of the European Council António Costa, European Commission President Ursula von der Leyen, EU High Representative for Foreign Affairs Kaja Kallas, and European Commissioner for Economy Valdis Dombrovskis. The authors of the letter also called for the Council of the EU to approve the transfer of the accounts by the end of the current year. ### A reserve in case of funding gaps The signatories insist that the accounts should be placed under EU control even if funding for 2027 can be secured from other sources. As intended, the frozen assets could serve as the basis for a reserve mechanism should international support for Ukraine prove insufficient. The authors also point out that EU control over the assets would prevent them from being disposed of as part of a potential peace deal concluded without European participation. The letter was prepared by Thijs Reuten, Nathalie Loiseau, Karin Karlsbro, and Jean-Marc Germain. ### Mechanics of The Russian Transfer initiative The Russian Transfer initiative involves moving frozen accounts of the Russian Central Bank from European depositaries to a special EU structure, along with obligations to the account holder. Ownership of the funds would remain with the Russian Central Bank, while the European Union, according to the authors, would compensate for potential losses associated with the transfer of the accounts. According to the data cited in the letter, approximately 185 billion euros of the roughly 210 billion euros of Russian Central Bank assets frozen in the European Union are held in the Belgian depositary Euroclear. ### Background and context In September of this year, 122 MEPs already called for a return to discussions on frozen Russian assets and supported the transfer of accounts to a special EU structure acting as their custodian. “We are writing again because it is time to act,” the authors of the new letter note against the backdrop of the European Commission preparing proposals to cover Ukraine's financial needs in 2027. In the new appeal, the deputies ask for this step to be included directly in the financing proposal package. ### Brussels' reaction and the November 26–27 summit European Commission President Ursula von der Leyen stated in Dublin on November 12 that the Commission would present a proposal for financing Ukraine for 2027 before the special EU summit to be held on November 26–27 in Brussels. In a joint statement following a meeting with Volodymyr Zelensky, von der Leyen and António Costa confirmed that EU leaders would discuss the proposal at the summit. Thus, the MEPs' initiative falls within the window for preparing key decisions, which increases the chances of its inclusion in the final text. ## Fact-Check & Sources - [Евродепутаты призвали передать активы РФ под контроль ЕС](https://rus.err.ee/1610194321/evrodeputaty-prizvali-peredat-aktivy-rf-pod-kontrol-es) - Source DW: 71 MEPs, six factions, letter dated Nov 12, recipients, authors, 'The Russian Transfer' initiative, 185bn of 210bn in Euroclear, 122 MEPs in September, von der Leyen's statement in Dublin, summit Nov 26-27. - [Евродепутаты призвали передать активы России под контроль ЕС](https://press.lv/post/evrodeputaty-prizvali-peredat-aktivy-rossii-pod-kontrol-es) - Совпадает по числу депутатов (71), фракциям (шесть), дате письма (12 ноября), адресатам и авторам письма. - [Евродепутаты предлагают передать замороженные активы России под контроль ЕС](https://ua.news/ru/world/evrodeputati-proponuiut-peredati-zamorozheni-aktivi-rosiyi-pid-kontrol-es) - Подтверждает более 70 депутатов из шести групп, адресатов, сентябрьское обращение и цитату «пришло время действовать». - [Украина призвала использовать замороженные активы РФ](https://charter97.org/ru/news/2026/10/13/701729/) - Дополнительный контекст: призыв Киева к коллективному контролю ЕС; цифра €180 млрд на армию РФ в 2027 не использована в тексте из-за отсутствия второго источника. ## FAQ ### How many MEPs signed the letter? 71 members of the European Parliament from six political factions. ### Who is the letter addressed to? Irish PM Micheál Martin, European Council President António Costa, European Commission President Ursula von der Leyen, EU High Representative Kaja Kallas, and Economic Commissioner Valdis Dombrovskis. ### How much of the Russian Central Bank's assets are frozen in the EU and where are they? According to the letter, about 185 billion euros of the roughly 210 billion euros of Russian Central Bank assets frozen in the EU are in the Belgian depositary Euroclear. ### Who retains ownership of the funds under The Russian Transfer initiative? Ownership remains with the Central Bank of Russia; the EU, according to the proposal, would compensate for potential losses. ### When will EU leaders discuss the funding proposal for Ukraine? At the special EU summit on November 26–27 in Brussels; the Commission will present the proposal before this summit.