On Monday, January 22, the foreign ministers of the European Union countries gave their political "blessing" to impose a windfall tax on Russian frozen assets. There still needs to be talk of complete confiscation. In general, Ukraine's allies agree that Russia should pay for the damage caused by the war.
The EU countries, the G7, and Australia have frozen assets of the Russian central bank, about 260 billion euros, in securities and cash. More than two-thirds of that amount is in the EU. Most of the assets are held in the Euroclear clearinghouse, where they generated 3 billion euros in revenue last year.
