This information was disclosed by Christian Wigand, a spokesperson for the European Commission, after the EU released its 10th sanctions package in February.

As part of these measures, banks were compelled to disclose details about the size of their holdings. Additionally, the EU has frozen 24.1 billion euros (about $25.8 million) belonging to sanctioned Russian entities and individuals.

Recent discussions among EU officials, as reported by the Financial Times on May 24, have revolved around finding a way to redirect profits generated by frozen Russian assets held at the central securities depository Euroclear to Ukraine.

This proposed action does not constitute expropriation but rather an intensification of financial pressure on Russia.

The frozen assets currently yield cash through coupons and redemptions, with Euroclear reinvesting the generated funds.

The EU intends to explore the possibility of providing Ukraine with the profits from these reinvestments.

In response to Russia's aggressive war against Ukraine, which began on February 24, 2022, and the illicit annexation of Ukraine's Donetsk, Luhansk, Zaporizhzhia, and Kherson regions, the EU has implemented extensive and unprecedented sanctions against Russia.

These measures supplement existing sanctions imposed on Russia since 2014 following the annexation of Crimea and non-compliance with the Minsk agreements.

The sanctions encompass targeted restrictive actions against individuals, economic measures, and visa-related measures.

The economic sanctions aim to impose severe consequences on Russia for its actions and effectively impede Russia's ability to sustain its aggression.

The individual sanctions specifically target individuals involved in supporting, financing, or executing actions that undermine Ukraine's territorial integrity, sovereignty, and independence or those who benefit from such actions. (ILKHA)