Who owns the freezer where the “frozen assets” are kept?
It’s complicated, but the answer to your question is maybe a surprise.
The freezer is owned by Euroclear, which is not an EU entity. It is a private bank, with shareholders. It operates under the jurisdiction of Belgium.
There has been a lot of “if we do this, then other countries with deposits might do something”. The council meeting outright failed and odds look pretty high that in that somewhat secretive meeting Euroclear informed them it’s not **might**. They were likely already told how far they can go (frozen) as opposed to outright spending it before the exodus of money *will* not **might** takes place.
Frankly, I thought the EU would force the whole thing to happen if the word were **might**. The fact they failed completely suggests it was no longer **might** but *will*.
People are not thinking about the next step upcoming. What happens if Russia were to conquer Ukraine entirely? Answer, all the accumulated debt becomes Russia’s. Can they refuse to pay? Probably, but that is not a return to normal commerce they would maybe prefer.
Rather, I think this matter compels them to leave some minor part of Ukraine unconquered, and that part retains the debt.