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Alona Lebedieva: Reparation Bonds — A Path to Using Frozen Russian Assets for the Benefit of Ukraine

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7 months ago

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Kyiv, Ukraine (PinionNewswire) —

Frozen billions: a source of resources and political debate

20251015a Alona Lebedieva: Reparation Bonds — A Path to Using Frozen Russian Assets for the Benefit of Ukraine

The full-scale war launched by the Russian Federation against Ukraine has been ongoing for more than three and a half years. During this time, the West has frozen a colossal volume of Russian state foreign currency reserves — about USD 300 billion.

Without exaggeration, this is the most effective Western sanction, as otherwise Russia could have used this money to wage war against Ukraine. Of this amount, over EUR 200 billion is held in European Union countries, with the remainder in G7 states such as the United Kingdom, Japan, Canada, the United States, as well as in Switzerland.

The largest portion of these assets is concentrated in Belgium: approximately EUR 190 billion of the Russian Central Bank’s assets — nearly two thirds of all frozen reserves — are held at the Brussels-based securities depository Euroclear. At the same time, these funds are not simply lying dormant. Financial institutions place them in risk-free deposits at central banks and receive interest income.

Due to high rates in recent years, the frozen Russian billions have generated significant excess profits. In 2023 alone, Euroclear earned about EUR 4.4 billion in interest on Russian assets, and in 2024 this amount grew to nearly EUR 7 billion. Formally, this income does not belong to Russia but to the financial intermediaries themselves, as sanctions prohibit transferring interest to the actual owner.

European countries support Ukraine by directing a significant part of the interest earned from the immobilised sovereign Russian assets to Kyiv. However, they also face their own economic difficulties and domestic political resistance, as taxpayers are unwilling to directly finance support for Ukraine. To reduce pressure on national budgets, more and more politicians are inclined to use frozen Russian sovereign assets as the main source of financing assistance for Ukraine. At the same time, EU countries justifiably avoid confiscating these assets, as such a step would inevitably lead to lawsuits from Russia — and the outcome of such cases is difficult to predict.

From interest to loans: the evolution of the Western approach

Throughout 2023–2024, Western states reached an understanding that at least the interest income from frozen reserves should be directed to support Ukraine. In October 2024, the G7 countries agreed on a joint mechanism — Extraordinary Revenue Acceleration loans (ERA-loans) — amounting to USD 50 billion.

Under this scheme, allies provide loans to Ukraine now (in total, under the ERA instrument, the Ministry of Finance has already raised EUR 14 billion from the European Union), and repayment will be made from future income generated by the placement of frozen Russian assets. The G7 established that this excess income is not part of the reserves themselves and therefore is not protected by Russia’s sovereign immunity. This opened the possibility of using it without violating international law.

The European Union soon introduced corresponding regulation: since early 2024, European depositories have been prohibited from disposing of the excess income independently, and the EU Council obtained the authority to direct part of these funds to support Ukraine. This compromise became the first practical step towards ensuring that frozen Russian assets begin to work to the benefit of the victim of aggression.

The reparation bonds mechanism: a creative alternative to confiscation

Despite the success in using interest, the question of the principal amount of frozen assets remained unresolved. Direct confiscation of Russian reserves faces legal obstacles, as a state’s sovereign funds are protected by international law. This is why in 2025 the EU began to consider a new idea — a reparation loan.

However, implementation of this idea is currently stalled: EU member states have not yet agreed on a single legal model. The most difficult aspect is the position of Belgium, where most of the assets are held. Prime Minister Bart De Wever publicly stated that he would support the plan only if there are clear legal guarantees of the scheme’s legality, collective risk-sharing between all EU member states, and the involvement of other G7 members. Brussels is wary of a situation in which sanctions are lifted, and Russia demands the return of reserves already used to support Ukraine. It should be noted that if one imagines being the head of the Belgian government acting in the interests of one’s own country, such a position is entirely understandable.

Most European countries — including Germany, France, Italy, Sweden, Poland, and the Baltic states — support the creation of a reparation loan. At the October 2025 summit, EU leaders (with the exception of Hungary) agreed in principle that Russian assets must remain frozen until aggression ends and compensation is paid.

Russia is predictably reacting strongly negatively to these plans, calling them “theft” and “piracy.” It is preparing legal claims, but their chances of success are minimal. A consensus is emerging at the international level: a state that has launched aggression cannot count on the inviolability of its financial reserves.

Nevertheless, the EU continues to work on the technical parameters of a scheme that would allow unlocking financing without direct confiscation of assets. The concept is that the G7 and EU countries would sign an international agreement fixing the intention not to unfreeze Russian assets until compensation for damage caused to Ukraine is paid. Based on this agreement, a Ukraine Recovery Fund would be established, with member states and Ukraine itself as founders. Banks holding the frozen assets would issue bonds for the Fund in an amount equivalent to these assets, secured by them, and at a minimal interest rate — for example, 0.1% per annum — and provide these funds to Ukraine.

The resources received would be directed by the Fund to finance the recovery and development of the Ukrainian economy, acting as a coordinator and controller of the targeted use of funds. This approach resembles a modernised “Marshall Plan” that combines financial assistance with transparent oversight mechanisms.

The scheme would avoid what the “collective West” fears — Russian assets would not be confiscated, and there would be no formal link between them and the funds provided to the Fund, as the money is transferred to Ukraine through bonds issued by the banks holding the frozen Russian assets. Meanwhile, Ukraine could access the funds in a fairly short timeframe.

If Russia eventually agrees to pay reparations, these funds would be credited to the Fund’s account and directed towards repayment of the loans. If not, the loans effectively become perpetual, and the frozen assets gradually lose real value.

Reparation bonds as a preventive security mechanism

If the EUR 140 billion reparation loan plan is approved, Ukraine would receive approximately EUR 45 billion annually in 2026–2028. This is a significant sum, capable of covering a substantial portion of defence, social, and infrastructure needs.

However, if the direct loan mechanism does not work — and there are preconditions to believe this — attention should shift to the reparation bonds mechanism proposed in this article, which may have a better chance of implementation.

Still, the significance of providing funds to Ukraine goes far beyond financial calculations.

In fact, this could be the first case in which the international community compels an aggressor to pay during an ongoing war (unlike the situation when Iraq paid reparations to Kuwait — payments began only after the war ended). Reparation bonds transform frozen assets from an instrument of leverage into a source of accountability and justice.

If implemented, the mechanism may become not only a financial solution but also a strategic precedent that will reshape the international security architecture. It will demonstrate that no state can avoid punishment for aggression, and its currency reserves will no longer guarantee immunity. This is precisely how Europe can prevent new wars and stop Russia from further attacks on neighbouring countries.

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ForexCoupons Expands Beyond Prop Firms as Trading Discount Platform Accelerates Growth

New York, NYForexCoupons, a leading source of prop firm discount codes and promotional offers, has announced a major expansion of its platform as it moves beyond the proprietary trading sector and into new categories including crypto exchange bonuses, broker promotions, trading software discounts, and fintech coupon codes. Over the past several years, ForexCoupons has become one of […]

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19 minutes ago

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June 11, 2026

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New York, NY

ForexCoupons, a leading source of prop firm discount codes and promotional offers, has announced a major expansion of its platform as it moves beyond the proprietary trading sector and into new categories including crypto exchange bonuses, broker promotions, trading software discounts, and fintech coupon codes.

Over the past several years, ForexCoupons has become one of the most recognized websites in the prop trading industry, helping thousands of traders save money through exclusive discounts on evaluation challenges and funded account programs. The platform’s extensive coverage of prop firm deals has made it a trusted destination for traders searching for the latest savings opportunities.

As demand continues to grow, ForexCoupons is now broadening its focus to cover the wider trading and investing ecosystem. The site has begun adding broker promo codes, cryptocurrency exchange offers, trading tool discounts, educational platform deals, and other financial promotions aimed at active traders and investors.

The expansion comes amid strong growth for ForexCoupons, with increasing traffic, a rapidly expanding partner network, and growing recognition among retail traders worldwide. While prop firm offers remain at the heart of the platform, the company sees significant opportunities to become a one-stop destination for trading-related promotions across multiple sectors.

New ForexCoupons Expands Beyond Prop Firms as Trading Discount Platform Accelerates Growth
Industry observers note that traders are increasingly seeking ways to reduce costs in a competitive environment, making verified discount platforms more valuable than ever. By expanding beyond prop firms, ForexCoupons is positioning itself to capitalize on this trend while strengthening its presence within the broader online trading community.

With new partnerships being added regularly and additional categories planned for the future, ForexCoupons appears well-positioned to extend its leadership in the trading coupon and promotions market.

For traders looking to save on prop firm challenges, broker accounts, crypto platforms, and trading tools, ForexCoupons continues to expand its collection of verified deals and exclusive offers.

About ForexCoupons.com

ForexCoupons.com is a specialized discount platform created to serve the global community of retail and professional forex, cryptocurrency, prop trading, and futures traders. By aggregating and verifying promo codes, the site helps traders save significantly on challenges, funded accounts, tools, and services while making smarter purchasing decisions.

For more information, visit https://forexcoupons.com/ or follow updates on the company’s blog.

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Dorel Yehuda Shalmoni on the Future of Real Estate Investment in Greece

ATHENS, GreeceThe Greek real estate market has become one of the most closely watched investment sectors in Europe. With growing international interest, continued economic development, and increasing demand across residential and commercial property segments, Greece is attracting investors who are looking beyond traditional markets. Among the professionals following these developments is Dorel Yehuda Shalmoni, an entrepreneur […]

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2 hours ago

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June 11, 2026

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ATHENS, Greece

The Greek real estate market has become one of the most closely watched investment sectors in Europe. With growing international interest, continued economic development, and increasing demand across residential and commercial property segments, Greece is attracting investors who are looking beyond traditional markets. Among the professionals following these developments is Dorel Yehuda Shalmoni, an entrepreneur whose focus on long term value and market analysis has made him an active observer of opportunities emerging throughout Greece. According to his official website, Dorel Yehuda Shalmoni is dedicated to studying the Greek real estate market, market behavior, and opportunities for sustainable growth.

image 2 5 Dorel Yehuda Shalmoni on the Future of Real Estate Investment in Greece

For investors seeking reliable information and insights about the sector, the official platform of Dorel Yehuda Shalmoni can be found at https://dorelyehudashalmoni.org, where visitors can explore his perspective on property investment, market trends, and the evolving landscape of Greek real estate.

Over the last several years, Greece has experienced a remarkable transformation. Following a period of economic challenges, the country has steadily rebuilt investor confidence and strengthened its position as an attractive destination for international capital. Cities such as Athens, Thessaloniki, and a number of coastal regions have seen renewed interest from buyers looking for residential properties, vacation homes, hospitality projects, and commercial developments.

This growth has not occurred by chance. Several factors have contributed to Greece’s rising appeal. Tourism remains one of the strongest pillars of the national economy, bringing millions of visitors to the country every year. Infrastructure improvements, urban redevelopment projects, and growing foreign investment have further enhanced the attractiveness of the Greek property sector. These trends continue to create opportunities for investors who are willing to take a long term approach.

Dorel Yehuda Shalmoni believes that successful real estate investment begins with understanding the broader market rather than focusing exclusively on individual properties. Market cycles, demographic changes, economic indicators, and regional development plans often play a larger role in determining future value than short term fluctuations. This strategic perspective is reflected throughout the content and insights available on dorelyehudashalmoni.org.

One of the defining characteristics of the Greek market is diversity. Different regions offer different investment profiles, allowing investors to choose opportunities that align with their goals and risk tolerance. Athens continues to attract attention as the country’s economic and business center, while island destinations remain highly sought after due to strong tourism demand. Emerging neighborhoods and secondary cities are also gaining recognition among investors looking for growth potential before prices reach more mature levels.

Understanding these distinctions requires careful research and market awareness. Not every opportunity offers the same potential, and identifying promising locations often depends on recognizing trends before they become widely known. This is one of the reasons why professionals and investors increasingly seek detailed market analysis rather than relying solely on headline news or short term speculation.

For Dorel Shalmoni, real estate is not simply about buying and selling property. It is about identifying value, understanding long term trends, and recognizing how economic development can shape future opportunities. Greece presents a compelling case study in this regard. As international attention continues to increase, the country is becoming a destination where thoughtful investors can find opportunities across multiple sectors.

The growing interest in Greece is also supported by the country’s strategic geographic position. Located at the crossroads of Europe, Asia, and the Middle East, Greece offers unique advantages for businesses, investors, and entrepreneurs. Its location, combined with its membership in the European Union, provides access to important markets while maintaining a quality of life that continues to attract international residents and investors.

Another important factor influencing the market is the evolution of buyer expectations. Modern investors are increasingly interested in sustainability, infrastructure quality, accessibility, and long term community development. As these priorities continue to shape investment decisions, markets that can adapt to changing demands are likely to benefit. Greece has demonstrated a growing ability to meet these expectations through modernization efforts and ongoing development initiatives.

The official website of Dorel Shalmoni highlights the importance of taking a measured and informed approach to real estate investment. Rather than pursuing quick gains, successful investors often focus on fundamentals, including location quality, economic indicators, market demand, and future development potential. These principles have become increasingly relevant in today’s rapidly changing investment environment.

As global economic conditions continue to evolve, real estate remains one of the most important asset classes for individuals and institutions seeking diversification and long term growth. While every market presents unique opportunities and challenges, Greece has established itself as a country worthy of serious consideration. The combination of economic progress, international demand, and expanding infrastructure continues to support positive market sentiment.

Dorel Yehuda Shalmoni’s work reflects a commitment to understanding these developments and sharing insights that can help investors navigate an increasingly complex landscape. Through ongoing research, market observation, and analysis of emerging trends, he contributes to the broader conversation surrounding the future of Greek real estate investment.

For anyone interested in learning more about the Greek property market, investment opportunities, and the perspectives of Dorel Yehuda Shalmoni, additional information can be found on his official website at https://dorelyehudashalmoni.org. As Greece continues to strengthen its position among Europe’s most attractive real estate destinations, the insights and observations shared by Dorel Shalmoni offer valuable context for understanding where the market may be headed in the years ahead.

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Is an Oil Crisis Imminent? With the Strait of Hormuz crisis escalating, can BTC and XRP still reach new highs?

ROMFORD, UKThe Strait of Hormuz, the world’s most important energy transportation route, has once again become the focus of market attention. If the strait is blocked or transportation is disrupted, the global crude oil supply chain will face a huge impact, international oil prices may rise rapidly, and this could trigger sharp fluctuations in global capital […]

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2 hours ago

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June 11, 2026

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ROMFORD, UK

The Strait of Hormuz, the world’s most important energy transportation route, has once again become the focus of market attention. If the strait is blocked or transportation is disrupted, the global crude oil supply chain will face a huge impact, international oil prices may rise rapidly, and this could trigger sharp fluctuations in global capital markets.

btc x Is an Oil Crisis Imminent? With the Strait of Hormuz crisis escalating, can BTC and XRP still reach new highs?

Historical experience shows that whenever geopolitical risks escalate, funds tend to flow into safe-haven assets such as gold, the US dollar, and cryptocurrencies. In this market cycle, whether Bitcoin (BTC) and Ripple (XRP) can once again become hot commodities, or even reach new all-time highs, is a topic of great concern for investors.

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