The EU acknowledged the difficulties with the hunt for the “treasures of Nabiullina”

The reserves accumulated by Russia in foreign accounts do not give rest to the Western opponents of our country. Washington continues to discuss the possibility of using these funds to help Kiev, however, according to the German newspaper Die Welt, the EU’s intention to finance the recovery of the Ukrainian economy at the expense of Russia’s frozen assets is very difficult and most likely doomed to failure. These assets are distributed over a large number of accounts, the connection of which with the Kremlin, German analysts believe, is difficult to establish: “Nabiullina’s treasure hunt will be more difficult than originally thought,” the Western European publication states.

The fact that the frozen Russian funds should be invested in the Ukrainian economy has been repeatedly announced by the collective West. The amount has long been calculated – it is € 300 billion, which make up the lion’s share of the frozen international reserves of the Bank of Russia.

However, the elbow is close, but you won’t bite. According to Die Welt, it is currently unknown where exactly the reserves of the Central Bank of the Russian Federation are located. “Even if Brussels finds this money, the EU is still unlikely to be able to use it. The political will is there, but the legal hurdles are high. Frozen reserves cannot be touched. When the hostilities are over, they will need to be returned to Russia, ”the German publication says.

Are there any risks of losing frozen Russian capital and when will their legal owners be able to return them? We addressed these questions to the leading expert of the Center for Political Technologies, economist Nikita Maslennikov.

– The frozen state funds of Russia, remaining in foreign accounts, Europe is going to use for financial assistance to Ukraine. True, according to the German publication Die Welt, which is difficult to suspect of sympathy for our country, the EU does not have legal opportunities to carry out such operations. How will this money be used?

– The situation is incomprehensible and quite controversial. The income of domestic export companies is deposited in foreign currency accounts of foreign banks, through which export-import trade operations are carried out.

Theoretically, European credit institutions have not lost access to these financial assets. Money can be invested in any liquid instruments that bring profit.

For what purposes to direct the received funds is an incorrect question: each of the domestic companies has commercial agreements with a foreign bank (or agent), taking into account which financial transactions are carried out. The money is spent on the purchase of equipment, logistics, and other economic purposes. The same account receives income from foreign trade turnover. The details of such transactions are trade secrets that no one discloses.

– But the frozen assets of the Central Bank are not the money of commercial companies. These are government investments. Do they have a different approach?

– The principle does not change. The money is in the accounts of foreign financial institutions. The state used the services of foreign contractors deliberately. Therefore, we now have nothing to blame on a crooked mirror: all the risks have long been evident.

– German analysts are of the opinion that the frozen reserves of the Russian Federation should remain intact. After the end of hostilities in Ukraine, they will have to be returned to Russia. Return or not return? And if they return – in what form and with what profit?

“You can’t always hope for the best. At the very least, one should not hope for a prompt return of the finances of Russian companies whose foreign earnings ended up in foreign structures.

Most likely, you will have to face numerous litigations in foreign territory, the outcome of which is unlikely to be in favor of domestic plaintiffs.

— But will foreign financial organizations use the invested Russian capital to increase their own income?

– Of course they will. As they say, money doesn’t smell. Not so long ago, the financial company Euroclear, headquartered in Belgium, reported its net profit for the past year. The income of the depository, through which the financial transactions of Russian exporters – primarily energy companies – increased by 162%, to €1.2 billion. Bankers do not hide the fact that interest income of €621 million was received from investing frozen Russian assets.

Where will these funds go? Will Russian companies be able to be among the beneficiaries?

– Ask Euroclear representatives. Or at the European legal instances in which hands there will be a question of regulation of disputable cash flows.

Even if, as a result of various legal proceedings, the claim of Russian depositors (owners of financial accounts) is confirmed, it is not certain that they will be able to receive the accumulated assets.

How Russian financial reserves will be used is a secret with seven seals. Now the specific owners of money are actually hostile to our country conglomerates, which Russia is not able to influence. Frozen funds are suspended in the air and may end up in the accounts of any recipients who are by no means our partners.