By Ash’s
estimation, there are some $320 billion in frozen CBR assets around the world. The total is close to $400 billion when counting assets belonging to Russian individuals, including oligarchs.
The vast majority are in Europe, particularly Belgium, with the Brussels-based company Euroclear holding some $192 billion in Russian assets.
The U.S. bill emphasizes that repurposing the assets should be a multilateral effort alongside the G7 nations, EU, Australia, and other countries where they are located.
According to a report from the Kyiv School of Economics (KSE), the act's wording suggests that Washington
won’t go ahead without similar decisions from its international allies.
“The REPO Act creates an opportunity for the Biden administration to press Europeans to use the assets of the Russian government to help Ukraine survive economically,” Ambassador Robert Zoellick
told the Atlantic Council.
While Ash doesn’t believe the act alone will sway the EU, he does believe the bloc will be forced to follow suit if Biden goes ahead and confiscates the assets.