Russia has drawn up plans to nationalise and sell off foreign-owned assets in response to potential EU action on its frozen reserves, Bloomberg reported on Wednesday. The move comes as EU leaders gather in Denmark to advance a plan to raise €140 billion in loans for Ukraine by leveraging immobilised Russian central bank assets. Earlier Wednesday, European Commission President Ursula von der Leyen said that the EU has a “sound legal way” of using the frozen Russian assets to pay reparations to Ukraine. Going into today’s meeting of EU leaders, the bloc’s foreign policy chief Kaja Kallas dismissed those concerns. An analysis by Reuters from 2024, estimates that foreign firms that left Russia since 2022 have lost €90 billion.