Photo: warsawsecurityforum.org
Here’s a short excerpt from Zhanna Nemtsova’s talk at the Warsaw Security Forum:
It’s quite possible Russia will transition from one autocratic regime to another. Still, decisions made now can matter—especially strengthening the pro-democracy community. I’m not talking only about civil activists, journalists, or political leaders, but about the large community that left Russia after 2022—perhaps up to a million people—because they opposed the war and refused to fight. In the EU, holders of Russian passports are broadly treated as toxic, and this community has been overlooked.
That matters in discussions about immobilized Russian assets in the EU and proposals to seize them for Ukraine. Some leaders—like the Belgian prime minister—opposes replacing frozen assets with zero-coupon euro bonds, fearing it could undermine confidence in European markets and prompt withdrawals of sovereign funds controlled by non-democratic states. A large share of frozen assets actually belong to non-sanctioned individuals: many Russians (over three million) own foreign stocks and bonds because they trusted the EU more than Putin’s regime, and those assets are now inaccessible. We need to talk about the composition of frozen assets and find a solution that balances European market stability, Ukraine’s needs, and the interests of those Russians abroad. I have some proposals for that solution.
Full video: