As the EU weighs using frozen Russian assets for Ukraine, millions of ordinary Russians remain locked out of their own securities held at Euroclear and Clearstream. Legally entitled to them, they face daunting hurdles: EU licenses, costly lawyers, and foreign accounts few can open. Approvals are rare—Belgium cleared 232 of 1,214 requests last year—while one investor paid €60,000 to recover funds averaging just €2,400. Activist Zhanna Nemzova urges an inventory and simpler procedures; EU officials offered no plans, calling decisions on private assets a "hypothetical scenario."

Prepared by Christopher Adams and reviewed by editorial team.