Analytical paper IE RAS No 36, 2025 «Russian Assets in the EU Sanctions Architecture: the Transformation of Germany’s Position»

IE RAS presents Analytical papers of IE RAS No 36, 2025 «Russian Assets in the EU Sanctions Architecture: the Transformation of Germany’s Position» (in Russian) by Vladislav Belov, Candidate of Sciences (Economics), Deputy Director, Head of the Department for Countries Studies, Head of the Center for German Studies, IE RAS.

In autumn 2025, the debate on potential use of frozen Russian assets to finance the Kyiv regime intensified both in Brussels and Berlin. Against the backdrop of growing depletion of Western resources allocated to support Ukraine and limited scope for further expanding the EU’s sanctions policy, this issue has become a central element of current European politico-economic agenda. The institutional schemes under discussion – ranging from indirect confiscation to conditional collateralisation for future reparation payments – face the absence of legal consensus within the European Union and entail significant risks for the international regime governing sovereign asset immunity. The article examines evolution of Germany’s position on this matter in 2022–2025, tracing its shift from legal caution to the search for politically viable solutions, as well as Berlin’s influence on shaping the EU-wide anti-Russian line. The author assesses the likely outcomes of upcoming EU summit on 18 December 2025 and analyses their potential implications for Russia, institutional resilience of the European Union, and global financial architecture.