[HIGHLIGHTS] “The EU would shoot itself in the foot by confiscating Russian assets and giving them to Ukraine”

Armin Steinbach: EU would be hit harder than the United States by Russian retaliation. The EU holds at least €200 billion in Russian reserve assets, a sum that far exceeds the amount kept by the U.S.

The amount of remaining foreign assets in Russia still amounts to 285 billion US dollars, of which 105 belong to European companies. European companies foot the bill for financing Ukraine – not governments, says Steinbach. The European Council decided to seize the “exceptional profits” made by Euroclear, an international fund deposit organization.