The EU loophole Russia is using to free its oligarchs from sanctions
Russia has exploited an EU sanctions loophole to unfreeze $3 billion worth of assets held by Belgium's Euroclear, according to a Flemish media report, and Austria's Raiffeisen Bank could be about to execute the same maneuver.
The European Union's sanctions on Russia have created a loophole that allows certain assets to be unfrozen and returned to Russian oligarchs, according to a Flemish media report. Belgian bank Euroclear recently unfroze $3 billion in assets held by Russian investors, and Austria's Raiffeisen Bank may soon follow suit. This comes after Russia seized assets belonging to Raiffeisen, expropriating $2.1 billion in January 2026 and transferring it to a Russian investment company with ties to oligarch Oleg Deripaska.
Raiffeisen has expressed support for Ukraine and aims to exit Russia, and the bank's corporate spokesperson stated that the legal dispute will be resolved rapidly if a favorable court ruling is obtained. The European Commission confirmed that Raiffeisen may request asset release, as permitted by EU Article 5 in cases of sanctions against individuals helping Russia's war efforts.
However, civil society group Bank Track has called for a European Commission and Austrian investigation into allegations that Raiffeisen's Russian operations are aiding sanctioned entities in evading Western restrictions, pending any investigation.
Written by urgent.news from Kyiv Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
