The EU is discussing the possibility of granting Ukraine a so-called “reparations loan.” The European Commission proposes providing Ukraine with a credit funded by Russian assets frozen at the Euroclear financial institution in Belgium. If the Russian Federation fails to pay reparations after the war, it would forfeit these funds, totaling €140 billion.In response to news about providing Ukraine with funds from frozen Russian assets, Russia has begun threatening a mirror response. Bloomberg, citing a government-connected source, reports that Russia may nationalize and quickly sell assets owned by foreign companies. This could be implemented using a decree signed by Vladimir Putin on September 30, which allows for accelerated sale of state property through a special procedure.“The decree is intended to speed up the sale of various companies, both Russian and foreign, the person familiar with the matter said, asking not to be identified because the information isn’t public. Should the European Union begin seizing Russian assets, Moscow may respond with symmetrical measures,” the source told Bloomberg.According to the decree, government-appointed appraisers must determine the market value of a state (including nationalized) company within 10 days. Registration with the new owner will also be carried out via a simplified procedure.Meanwhile, Russian spokesperson Dmitry Peskov compared the EU countries discussing how to transfer confiscated Russian assets to Ukraine to a gang.“It’s like a gang. Someone’s watching, someone’s robbing, and someone, like Belgium, is shouting: ‘Let’s share the responsibility,’” he said. Previously, Peskov also warned that any Western move to confiscate Russian assets would not go unanswered.Russian Foreign Ministry spokeswoman Maria Zakharova also threatened a harsh response. “Russia has a sufficient arsenal of countermeasures and capabilities for an appropriate political and economic response,” Reuters quotes her. Russian financial outlet The Bell stated that the EU plan could trigger a “major war of confiscations between Moscow and Europe.”Which foreign companies are still operating in RussiaAccording to the Leave Russia project by KSE, at least 1,754 companies are still operating in Russia. Bloomberg names well-known brands such as UniCredit SpA, Raiffeisen Bank International AG, PepsiCo Inc., and Mondelez International Inc. At the same time, judging by Raiffeisen’s history, leaving Russia voluntarily is not so easy.According to Reuters, Raiffeisen Bank International found a buyer for its Russian subsidiary, but the deal did not go through due to obstacles from the Russian authorities. Raiffeisen is the largest among Russian banks that have not yet been sanctioned. This makes it critically important for foreign trade operations, including payments for gas exported to Europe.Taken under management instead of nationalizationAccording to calculations by the law firm NSP, over three years of war in Ukraine, Russia has confiscated $50 billion in assets from owners — about a third of its annual war expenditures. Typically, strategic enterprises or businesses of “undesirable” individuals were transferred to state ownership.At the same time, foreign assets have not yet been officially nationalized (except those owned by Ukrainians). To formally avoid violating international investment protection agreements, foreign businesses are transferred under management to Rosimushchestvo (Russia’s Federal Agency for State Property Management) by a decree from Putin. Formally, foreign owners do not lose ownership rights, but they are excluded from management. In the future, these assets are supposedly sold, with owners’ “consent,” to the “right” buyers.For example, in 2023, Carlsberg and Danone assets were transferred to Rosimushchestvo’s management. A year later, reports emerged that French conglomerate Danone sold its Russian assets to Vamin R, a company linked to the Chechen authorities.