Moscow Seizes Five More European Firms as EU Leaders Argue Over Its Frozen Billions

On Friday, as European leaders opened the second day of their Brussels summit, Vladimir Putin signed a decree placing the Russian assets of five European-linked companies under temporary management. Interfax reported that Kremlin spokesman Dmitry Peskov called the transfer a continuation of a trend. The firms are Tarkett, Ontex and three packaging businesses held from Sweden, Germany and the Netherlands.

In the summit hall the argument was about Russian money held in Europe. Reuters has put the EU’s immobilised Russian central bank assets at about €210 billion. Ukraine’s foreign minister and Denmark’s prime minister argued for using it for Ukraine, and the leaders of Latvia and Ireland also spoke on the question.

The Kremlin has taken European-owned businesses in two waves in a month and names the owners’ governments as the reason. Euronews’s live coverage of the summit morning carried no leader’s comment on the seizures, but did carry several leaders on the frozen assets. Interfax-Ukraine reported before the summit that no funding decision was expected.

The decree covers Tarkett Sommer, Ontex RU, Kappa Rus, Menshen Packaging CIS and Eviosys Packaging Kuban, TASS reported. The holders are Tarkett JSC, Sverige International Holdings AB, Georg Menshen GmbH & Co. KG and Sonoco Packaging Netherlands Investments B.V. The manager is Management Company Center Capital. Meduza reported that in September the same instrument went to Globus, Metro Cash & Carry, Auchan, Leroy Merlin and Nestlé Russia.

On 18 September Peskov said, in remarks carried by TASS, «Речь идет о компаниях европейских, о компаниях из недружественных стран» (“We are talking about European companies, companies from unfriendly countries”), as Expert reported. On 29 September a senior Russian government source told Reuters, “The time has come for asymmetric measures.” Asked about possible next targets, the source said, “Let them be scared.” Reuters quoted Peskov the same day: “For now, we do not see any grounds for a reversal.”

On 1 October at the Valdai Forum, Putin was asked whether European firms could get their assets back. “Yes, they would get them back,” he said, Reuters reported, on the condition that things went well.

In Brussels on Friday, Volodymyr Zelensky said on arrival, “We don’t see now signals, from Russian side that they are ready for this to end this war,” according to Euronews. Ursula von der Leyen said beside him, “We will not lift any sanctions unless Russia stops the war.” European Council President Antonio Costa said, “This is no time to relieve Russia’s sanctions.”

On the assets, Danish Prime Minister Mette Frederiksen called their use “one of the best solutions we have right in front of us.” Latvia’s prime minister said, “The frozen assets are there. That’s what should be used to support Ukraine.” Ireland’s Taoiseach, Micheál Martin, said “I’m open,” and added that earlier efforts “came to nothing in the end.” Euronews carried all three.

Ukrainian Foreign Minister Andrii Sybiha told Ukrinform, “It is time to return to substantive discussions about using these assets in full, rather than just the interest.” He said, “Belgium does not bear all the responsibility alone,” and asked, “Why should European taxpayers pay for Russia?” Sybiha said Sweden, Poland, the Netherlands and Spain had reopened the discussion with a joint letter to the European Commission.

Peskov on 18 September named the companies’ nationality as a factor in the decision. Sybiha on Friday asked why European taxpayers should pay while Russian state money sits in Europe.

Peskov said on 29 September that no grounds for reversal existed. Putin said on 1 October that the assets could come back. The decree on 16 October added five more companies.

The EU has already declined this step once. On 19 December 2025 leaders agreed an interest-free €90 billion loan for Ukraine, bluewin reported, after Chancellor Friedrich Merz’s plan to use the Russian central bank funds failed against opposition from France and Italy. Merz called the outcome a “great success.” Belgium’s Bart De Wever had asked for a joint guarantee that Paris and Rome would not give. Friday’s speakers were asking to reopen that decision.

Ukrinform wrote that Steve Witkoff and Jared Kushner had proposed that some Russian assets be unfrozen and placed under US control as part of peace-talk efforts. Reuters and the Financial Times reported on 14 October that the US was floating the release of some assets. Kaja Kallas told Euronews that cooperation with the United States on Ukraine was “very difficult” now. She added, “Starlink is really necessary for Ukraine. And unfortunately, in the short term, Europe can’t replace this capability.” The refinery and diesel dispute behind that remark was covered earlier on Silent Dossier.

On 29 September the Reuters source named UniCredit and Raiffeisen as possible next targets. A decree touching a European bank would widen the pattern. The second marker is the summit conclusions: whether they mention the frozen assets or only the 2027 funding gap. The third is whether Sweden, Poland, the Netherlands and Spain follow their joint letter with a legal proposal to the Commission.

Moscow has now taken European property twice in a month. Peskov told Reuters on 29 September, “For now, we do not see any grounds for a reversal.”