Western assets in Russia

Blocked and confiscated Russian assets in Western countries

In mid-December 2025, European Union is preparing a large-scale seizure of Russian Central Bank’s reserves and assets in the amount of EUR 193 billion (835 bAED / 1.6 tCNY / 20.5 tINR / 18.2 tRUB / 227 bUSD) held at the Belgian depository Euroclear. At the same time, Euroclear itself has EUR 16 billion of assets in Russia (69 bAED / 133 bCNY / 1.7 tINR / 1.5 tRUB / 18.8 bUSD), a significant part of which legally belongs to Russian companies and individuals.

In French banks, assets of Russian financial and industrial companies in the amount of EUR 26 billion (112.5 bAED / 216.2 bCNY / 2.76 tINR / 2.45 tRUB / 30.6 bUSD) are blocked.

In Germany and a number of Central European countries, assets of Gazprom Germany GmbH are blocked, including shares in gas pipelines (NEL, OPAL) and underground gas storage facilities (Rehden, Etzel, Jemgum, Haidach, Katharina). Rosneft Germany GmbH’ share of German refineries (PCK Schwedt, MiRO Karlsruhe, Bayernoil) are also blocked.

Austrian company OMV appropriated gas delivered by Gazprom to Austria in November 2024 on the basis of a fictitious court decision. Value of the gas amounts to EUR 230 million (995 mAED / 1.9 bCNY / 24.4 bINR / 21.7 bRUB / 271 mUSD).

In Romania and Bulgaria, Lukoil’s refineries, oil terminals, and petrol station networks are blocked.

In Finland, Teboil petrol station network owned by Lukoil is frozen.

Poland seized Novatek Polska’s LPG distribution assets. Also Poland confiscated 48% of Gazprom’s stake in Europol Gaz (owner and operator of Polish part of Yamal–Europe gas pipeline), and forced Lukoil to sell its petrol station network to the state-owned company Orlen.

Ukraine, Poland, United Kingdom and Norway carried out sabotage of three strings of Nord Streams gas pipeline.

Croatia is blocking crude oil transit to a Gazprom’s refinery in Serbia, effectively imposing an energy blockade on Serbia.

Finnish company Fennovoima unilaterally terminated its contract with Rosatom for the construction of a nuclear power plant. Compensation per contract amounts to approximately EUR 1.5 billion (6.5 bAED / 13 bCNY / 159 bINR / 141.4 bRUB / 1.8 bUSD).

Many EU countries have unilaterally suspended long-term gas purchases contracts with Gazprom without paying compensation in accordance take-or-pay clauses.

Japan blocked Russian assets worth 107–129 bAED / 205–247 bCNY / 2.6–3.2 tINR / 2.3–2.8 tRUB / 29–35 bUSD.

United States blocked financial assets of 18 bAED / 35 bCNY / 451 bINR / 400 bRUB / 5 bUSD.

On top of it USA blocked accumulated liquidation fund of Sakhalin-1 project.

United States began hunting got Gazprom's 56% stake in Serbian NIS at the end of 2024. NIS is the dominant petroleum company in Serbia.

United States has begun stealing Lukoil's foreign assets in Q4 2025. USA not only blocks sales of Lukoil's foreign assets, but also requires to confiscate all proceeds from the sale on their escrow accounts. Thus, United States does not imply transfer of any money from the sale to Lukoil. This condition de facto means a confiscation of the assets. Value of foreign assets of Lukoil is estimated at 44 bAED / 85 bCNY / 1.1 tINR / 960 bRUB / 12 bUSD.

United Kingdom blocked Russian financial assets in the amount of 40 bAED / 78 bCNY / 1 tINR / 880 bRUB / 11 bUSD.

Canada blocked more than 59 bAED / 113 bCNY / 1.4 tINR / 1.3 tRUB / 16 bUSD. Russian An-124 aircraft valued at approximately 78 mAED / 150 mCNY / 2 bINR / 2 bRUB / 21 mUSD was seized in February 2022 after it delivered humanatarian cargo to Canada.

Switzerland blocked financial assets worth 33 bAED / 64 bCNY / 814 bINR / 720 bRUB / 9 bUSD.

Australia and UK’s Rio Tinto stole 20% of Rusal's shares in their joint mining company Queensland Alumina Limited, which operates an alumina refinery in Gladstone, Australia. Estimated value of Rusal’s shares is 5 bAED / 9 bCNY / 118 bINR / 105 bRUB / 1 bUSD.

Russia's 4% stake in European Bank for Reconstruction and Development (EBRD) has been frozen.

Western countries, including EU, United Kingdom, United States, Switzerland, Japan, Canada, and Australia, organized trade blockade of Russian exports of crude oil, oil products, LNG, and LPG.

Value of blocked investments in foreign stocks by 3.5 million private investors from Russia is estimated at 69 bAED / 132 bCNY / 1.7 tINR / 1.5 tRUB / 19 bUSD in 2022. It was reported that by February 2025, assets worth about 27 bAED / 51 bCNY / 653 bINR / 580 bRUB / 7 bUSD had been unfrozen and interchanged with frozen Russian assets of private investors from Western countries.

Response of the Government of the Russian Federation

The Government of the Russian Federation is implementing counter-measures to compensate for assets lost in the West.

At present, special Type C accounts in Russian banks are used to block dividends, interest income, and proceeds from the sale of assets of companies from unfriendly countries. Current volume of funds blocked in these accounts is not disclosed. As of the beginning of 2024, 50 bAED / 97 bCNY / 1.2 tINR / 1.1 tRUB / 14 bUSD were blocked in Type C accounts.

This article analyzes physical, financial and commercial assets of Western energy companies in Russia, which are expected to be included in the scope of mirror confiscation. Potential counter-measures in response to the trade blockade of Russian exports are also indicated.

European Union

TotalEnergies

Historically, TotalEnergies has been one of the largest investors in the Russian oil and gas sector and was previously among the supporters of continued cooperation between Europe and Russia. However, times have changed.
The company’s own assessment of blocked assets in 2022 amounted to EUR 4.1 billion, equivalent to 18 bAED / 34 bCNY / 435 bINR / 386 bRUB / 5 bUSD.
(17.7 mAED / 34.2 mCNY / 403 bINR / 383 bRUB / 4.8 mUSD).
The company recorded accounting write-downs for this amount.

TotalEnergies owns a 19.4% stake in Novatek. The current value of this stake is approximately 21 bAED / 40 bCNY / 507 bINR / 450 bRUB / 6 bUSD.

TotalEnergies owns a 20% stake in Yamal LNG.

TotalEnergies owns a 10% stake in Arctic LNG-2.

Previously, TotalEnergies owned a 10% stake in the giant floating storage units Saam and Koryak.

TotalEnergies owned 49% stake in Terneftegaz, a joint venture with Novatek. In August 2022, Novatek bought out TotalEnergies’ stake.

TotalEnergies owns 16.9% of the North Caspian Project Operator in Kazakhstan.

Wintershall DEA

Wintershall DEA was owned by the German chemical concern BASF and the shareholders of Russian Alfa Group. Its non-Russian assets were sold to a British oil company. Rights to Wintershall DEA’s Russian assets are blocked in Russia, and mutual legal proceedings are ongoing.
Estimated value of assets blocked in Russia amounts to EUR 7–13 billion, equivalent to 30–56 bAED / 58–108 bCNY / 743 b–1.4 tINR / 660 b–1.2 tRUB / 8–15 bUSD.
Approximately one third of this amount relates to Alfa Group shareholders.

The company owned a 50% stake in Achimgaz JSC, project company for development of the Achimov formations of the Urengoy gas field. Proceeds from the sale were credited to special type C accounts in the name of the company.

The company owned a 35% stake in Severneftegazprom JSC, which develops Yuzhno-Russkoye gas field. Proceeds from the sale were credited to special type C accounts in the name of the company.

OMV

OMV owned a 24.99% stake in Severneftegazprom JSC, which develops Yuzhno-Russkoye gas field. In February 2024, the company’s stake was forcibly sold in accordance with the decree of the President of the Russian Federation. Proceeds from the sale were credited to special type C accounts in the name of the company.

Eni

Eni owns 50% of the Blue Stream gas pipeline, running from Russia to Turkey.

Eni owns a 7.5% stake in the Caspian Pipeline Consortium.

Eni owns 16.9% of the North Caspian Project Operator N.V. in Kazakhstan.

Fortum

The company recorded an accounting write-off of assets in Russia in the amount of EUR 1.7 billion, equivalent to 7 bAED / 14 bCNY / 181 bINR / 160 bRUB / 2 bUSD.

Fortum has physical assets in Russia (Tyumen CHP-1 and CHP-2, Nyagan GRES, Chelyabinsk CHP-1, CHP-2, CHP-3, CHP-4) with total electric capacity exceeding 4 GW and thermal capacity exceeding 7 GW. In February 2023, these plants were transferred to temporary management by Rosimushchestvo.

The company holds a controlling stake in TGC-1.

The company owns 100% of Chelyabenergoremont JSC. The stake was transferred to temporary external management.

Uniper

The Russian subsidiary of Uniper — Unipro — owns and operates Surgutskaya GRES-2, Berezovskaya GRES, Shaturskaya GRES, Yayvinskaya GRES, and Smolenskaya GRES, with total installed capacity exceeding 11 GW.

EU banks

The ability to sell Russian subsidiaries of European banks is also blocked in Russia: Raiffeisenbank JSC (Austria), UniCredit Bank JSC (Italy), and OTP Bank JSC (Hungary).

Direct loans issued by European banks remain outstanding. Estimated outstanding debt of Russian companies amounts to:

• to Raiffeisenbank (Austria) — up to 46 bAED / 88 bCNY / 1.1 tINR / 1.0 tRUB / 12 bUSD,

• to German banks — up to 41 bAED / 79 bCNY / 1 014 bINR / 900 bRUB / 11 bUSD,

• to French banks — up to 32 bAED / 62 bCNY / 789 bINR / 700 bRUB / 9 bUSD,

• to Italian banks — up to 28 bAED / 53 bCNY / 676 bINR / 600 bRUB / 7 bUSD.

As of the beginning of 2022, EBRD owned assets in Russia in the amount of 24–32 bAED / 46–61 bCNY / 586–783 bINR / 525–700 bRUB / 6.5–8.7 bUSD. Main assets in Russia are loans issued to Raiffeisenbank JSC, UniCredit Bank JSC, Center-Invest Bank, SMP Bank, Magnit, X5 Group, Cherkizovo, Sibur, PJSC Enel Russia, PJSC Inter RAO, Europlan/ Sberbank Leasing and a number of municipal infrastructure facilities. Main shareholders of EBRD are USA, Japan, Canada, EU and EU countries, and United Kingdom. At the same time, Russia itself is a minority shareholder of the EBRD (4%).

Pension funds

In addition, blocked investments of EU pension funds (ABP / APG from the Netherlands, AP1–AP4 from Sweden, and others) in Russian equities and bonds amounted to approximately 7–10 bAED / 14–19 bCNY / 177–247 bINR / 157–219 bRUB / 2–3 bUSD at the end of 2021.

Nominal owners of Russian companies in EU

EU countries, especially Cyprus, the Netherlands, and Luxembourg, remain popular jurisdictions for registering nominee ownership structures for Russian shareholders of Russian companies. Moreover, ownership rights to foreign subsidiaries of originally Russian companies are increasingly being registered to companies from these countries, into which investments originated from Russia. De facto, such corporate structures implement capital outflow from Russia. Key cases include:

• Lukoil. Ownership of Lukoil’s assets in third countries is structured via LUKOIL International GmbH (Germany) and Lukoil Overseas Cyprus.

• EVRAZ. Evraz Group S.A. (Luxembourg).

• Gazprom. Nominal owners of Gazprom gas pipelines from Russia to the EU and Turkey are registered in Switzerland (Nord Stream AG, Nord Stream 2 AG) and the Netherlands (Blue Stream Pipeline Company B.V., South Stream Transport B.V.). De facto, Gazprom has lost ownership of its stakes in these pipelines due to lawsuits initiated by Ukraine and creditors against the nominal owners.

Key cases of capital outflow from the Russian Federation through the creation of foreign nominal owners:

• Beeline / VimpelCom. VEON Ltd (Netherlands). De facto, the parent structure not only withdrew investment funds from Russia when acquiring VimpelCom’s foreign assets (Ukraine, Pakistan, Kazakhstan, etc.), but also transferred funds to the Netherlands when selling VimpelCom itself.

• Polymetal. Polymetal International Plc, Jersey, a British Crown Dependency.

• Yandex. Yandex N.V. (Netherlands). The company was split. The buyout of one founder’s stake resulted in funds being transferred out of the Russian Federation to the Netherlands, despite the Netherlands never having invested in Yandex.

• TCS Group / Tinkoff. TCS Group (Cyprus). Unlike other companies on the list, the company remained in Russia, but the founder’s stake was bought out with funds transferred out of the Russian Federation.

Corporate intra-group borrowing was also actively structured through Cyprus, the Netherlands, and Luxembourg. Cyprus accounts for 147–184 bAED / 282–355 bCNY / 3.6–4.5 tINR / 3.2–4.0 tRUB / 40–50 bUSD (mostly loans).

The Netherlands and Luxembourg account for 92–147 bAED / 176–282 bCNY / 2.3–3.6 tINR / 2.0–3.2 tRUB / 25–40 bUSD (mostly bonds). This volume includes both intra-Russian and genuinely external borrowings.

Activation of redomiciliation is necessary to eliminate the EU, Switzerland, and the United Kingdom from the corporate chains of Russian companies. Retaining EU-based companies in ownership structures represents a delayed-action risk.

Arbitrage

Previously, the Stockholm Arbitration Tribunal acted as an arbitrator in many international contracts, primarily in Gazprom Export’s trading contracts. However, in the course of reviewing gas contracts between Russia and Ukraine related to gas transit and gas purchase-and-sale, the tribunal adopted a politicized decision, selectively applying “take-or-pay” provisions in one contract while ignoring them in another. As a result, the tribunal deliberately altered the financial protection of Gazprom embedded in the contract, with the purpose of subsidizing Ukraine. This demonstrates the impossibility of fair and impartial resolution of commercial disputes in European courts.

Japan

Japan Oil, Gas and Metals National Corporation (JOGMEC)

The company is a member of the consortium Sakhalin Oil and Gas Development Company (SODECO), which owned a 30% stake in the Sakhalin-1 project. After ExxonMobil’s default on its obligations as project operator and the replacement of the nominal license holder with a Russian company, the consortium retains the right to restore its ownership subject to fulfillment of a number of financial conditions.

The outstanding balance of loans issued by the company to Russian metallurgical companies (Norilsk Nickel and others) does not exceed 52 bAED / 4 bCNY / 56 bINR / 50 bRUB / 1 bUSD.

INPEX

INPEX is also a member of the Sakhalin Oil and Gas Development Company consortium.

INPEX owns 16.9% of the North Caspian Project Operator N.V. in Kazakhstan.

Itochu

Itochu is also a member of the Sakhalin Oil and Gas Development Company consortium.

Marubeni

Marubeni is also a member of the Sakhalin Oil and Gas Development Company consortium.

Mitsui

Mitsui owns a 12.5% stake in the Sakhalin-2 project.

Mitsui is also a member of the Sakhalin Oil and Gas Development Company consortium.

Mitsubishi

Mitsubishi owns a 10% stake in the Sakhalin-2 project.

Japan Petroleum Exploration Company (JAPEX)

The company is also a member of the Sakhalin Oil and Gas Development Company consortium.

Project financing

The Government of Japan, represented by the Japan Bank for International Cooperation (JBIC), together with a syndicate of Japanese private banks, financed the consortium’s stakes and ExxonMobil’s participation in the Sakhalin-1 and Sakhalin-2 projects.
The residual amount of unpaid loans amounts to 12–17 bAED / 23–33 bCNY / 297–424 bINR / 264–376 bRUB / 3–5 bUSD.

Pension funds

In addition, investments of Japanese pension funds (GPIF) in Russian equities amounted to approximately 2 bAED / 4 bCNY / 45 bINR / 40 bRUB / 1 bUSD at the end of 2021.

Others

A number of Japanese automotive manufacturers retain options to repurchase their former production assets in Russia.

United Kingdom

BP

BP is a flagship of the British economy, whose authorities have declared economic war on Russia. Rosneft was BP’s main source of growth in recent years.
In March 2022, BP recorded an accounting write-off of 94 bAED / 180 bCNY / 2.3 tINR / 2.0 tRUB / 26 bUSD in relation to its Russian assets.

BP owns a 19.75% stake in Rosneft. The current value of this stake is 39 bAED / 75 bCNY / 957 bINR / 850 bRUB / 11 bUSD.

Shell

Shell owns 27.5% of the Sakhalin-2 project.

A joint venture of Shell and Rosneft owns a 7.5% stake in the Caspian Pipeline Consortium (CPC). In addition, Shell directly owns 2% of CPC, acquired through the purchase of BG Group.

Shell exited the joint venture with Gazprom Neft — Salym Petroleum Development N.V., which develops the Salym group of fields in the Khanty-Mansi Autonomous Okrug.

Shell owns 16.9% of the North Caspian Project Operator N.V.

The estimated value of Shell’s Russian assets amounts to 18–26 bAED / 35–49 bCNY / 450–631 bINR / 400–560 bRUB / 5–7 bUSD.

Pension funds

In addition, investments of British pension funds (LGPS and others) in Russian equities and debts amounted to approximately GBP 1–1.5 billion, equivalent to 5–7 bAED / 9–14 bCNY / 121–181 bINR / 107–161 bRUB / 1–2 bUSD.

Bank financing

The residual debt of Russian companies to British banks is estimated at no more than 18 bAED / 35 bCNY / 450 bINR / 400 bRUB / 5 bUSD.

Maritime insurance and arbitration

Marine insurance issued by UK insurance and reinsurance companies is, unfortunately, still accepted when foreign vessels call at Russian ports. This primarily concerns vessels loading Kazakh oil at the CPC terminal. It is evident that no payments to Russian companies or authorities under such insurance policies would be made in the event of risk realization. A ban on the use of British insurance may become one of the counter-measures in response to the trade blockade imposed by G7 countries.

English law is also dominant in international shipping. This creates a necessity to remain tied to the UK judicial system and the UK system of legal education, even when there is no trade relationship with the United Kingdom at all.

There is therefore a need for an independent international alternative and for the creation of a system of maritime law and maritime arbitration that is not linked to the United Kingdom and its foreign policy.

United States

Chevron

Chevron’s main asset in Russia is a 15% stake in the Caspian Pipeline Consortium, which transports oil from friendly Kazakhstan to the port of Novorossiysk. Ownership and management of CPC are divided between Russian and Kazakh jurisdictions through two legal entities — CPC-R JSC (Russian part) and CPC-K JSC. All international shareholders hold stakes in both entities.

Through the Russian segment of CPC, oil produced by Tengizchevroil LLP is transported. The company operates Kazakhstan’s largest oil field — Tengiz — and is 50% owned by Chevron. The majority of exported oil belongs to Chevron.ё

ExxonMobil

ExxonMobil owned a 30% stake in the Sakhalin-1 project and previously served as its operator. Its withdrawal led to sabotage of the project. A liquidation fund of the project remains blocked in U.S. banks.

Blocked retaliatory funds of ExxonMobil, including accumulated project dividends, amount to 18 bAED / 34 bCNY / 430 bINR / 382 bRUB / 5 bUSD as of September 2025.

ExxonMobil owns a 7.5% stake in CPC.

ExxonMobil owns 25% of Tengizchevroil LLP in Kazakhstan.

ExxonMobil owns 16.9% of the North Caspian Project Operator N.V., the owner and operator of the Kashagan oil field in Kazakhstan, whose oil is exported by foreign oil companies via CPC.

Schlumberger

The world’s largest oilfield services company previously had production assets in Russia. Schlumberger formed the backbone of oilfield services in Russia.
In March 2022, the company wrote off assets amounting to 3 bAED / 6 bCNY / 72 bINR / 64 bRUB / 800 mUSD.

Oryx Caspian Pipeline

The company owns a 1.75% stake in CPC.

Banks financing

The residual debt of Russian companies to U.S. banks is estimated at no more than 23 bAED / 44 bCNY / 563 bINR / 500 bRUB / 6 bUSD.

Depository receipts

U.S. banks are issuers of depositary receipts for numerous Russian blue-chip companies. The actual owners of these depositary receipts include both foreign legal entities and individuals, as well as Russian investors.

Major banks issuing depositary receipts for Russian equities:

JPMorgan Chase: Rosneft, MTS, Magnit, Sberbank.

Bank of New York Mellon: Gazprom Neft, Surgutneftegaz, NOVATEK, Gazprom, MMC Norilsk Nickel, Cherkizovo Group, VTB, MMK, RusHydro, Mosenergo, Polyus, Enel Russia, FGC UES, Rosseti, Inter RAO, Rosseti.

Citibank: LUKOIL, Tatneft, PhosAgro, En+ Group, AFK Sistema, Rostelecom.

Deutsche Bank US division: Lenta, LSR Group, Mechel, NLMK, Severstal, Aeroflot, Akron.

The current estimated market value of shares underlying these depositary receipts amounts to at least 243–289 bAED / 468–556 bCNY / 6.0–7.1 tINR / 5.3–6.3 tRUB / 66–79 bUSD.

Norway

Equinor

The company stated that it exited the Kharyaga oil project by transferring its assets to Rosneft; however, payment details remain unclear.

In addition, the Norwegian Government Pension Fund (the largest investment fund in the world) has significant financial investments in Russian equities and debts. As of the end of 2021, the value of investments in Russian stocks (Gazprom, Lukoil, Sberbank, and others) amounted to 25 billion Norwegian kroner, equivalent to 9 bAED / 17 bCNY / 220 bINR / 196 bRUB / 2 bUSD.

Canada

Investments of Canadian pension funds (CPP Investments) in Russian equities and debts amounted to approximately 4–7 bAED / 7–14 bCNY / 90–181 bINR / 80–161 bRUB / 1–2 bUSD at the end of 2021.

Key Canadian investors in Russia were gold-mining companies (Kinross Gold, Barrick Gold). These companies fully sold their assets in 2022.

Australia

Investments of Australian pension funds (AustralianSuper / Future Fund) in Russian equities and debts amounted to approximately 1–2 bAED / 2–5 bCNY / 28–60 bINR / 25–53 bRUB / 312–662 mUSD at the end of 2021.

The Arbitration Court of the Kaliningrad Region ruled to recover 4.8 bAED / 9.3 bCNY / 118 bINR / 105 bRUB / 1.3 bUSD from the Australian-British company Rio Tinto.
In this lawsuit, possible defendants also include the company’s Mongolian asset — the Oyu Tolgoi gold and copper project, the largest in Mongolia. This mine is highly dependent on supplies of Russian raw materials. Russia controls 50% of Mongolia’s railway infrastructure. Rio Tinto subsidiaries Oyu Tolgoi Netherlands B.V. (Netherlands) and THR Oyu Tolgoi Ltd. (British Virgin Islands) control 66% of this project.