We were honored to contribute to the presentation at Davos by Ms. Yuliya Ziskina as the Ukrainian NGO Razom’s Senior Legal Fellow. The presentation was based on the New Lines Institutes’ January 2025 report entitled “Resolving Accountability Over Russian State Assets: New Understandings of Jurisdiction and Policy Opportunities” which uncovered how hundreds of millions of Euros in Russian state funds are still frozen in correspondent banks in Western institutions. Since February 2022, these funds remain undocumented and inaccessible.
One of the report’s key findings focused on revealing the significant role international correspondent banks play in holding about 90% of the approximately USD 300 million of Russian state-owned frozen funds, which are spread across multiple countries and at least eight different currencies.
GlobalSource’s primary contribution was to assist enhancing their understanding of the international correspondent banking system and, specifically, uncovering which banks currently hold these Russian state-owned funds.
As the advocacy efforts continue, our team of specialized researchers collaborates closely with Ms. Ziskina, Razom, and the New Lines Institute to ensure our expertise continues supporting and refining their work.
