The ongoing economic conflict between Russia and the EU has led to significant asset freezes and restrictions on both sides. While the EU has frozen around €260 billion of Russian Central Bank reserves, Russia has retaliated by imposing limitations on Western investors and businesses operating within its borders.

European banks still operating in Russia, including Raiffeisen and UniCredit, have seen substantial profits but face increasing pressure to exit. Some have encountered asset seizures and court orders against their Russian operations. Meanwhile, other European businesses struggle with restrictions on capital repatriation and forced asset sales at discounted prices.

Russia's countermeasures include potential nationalization of Western-owned properties and additional taxes on asset sales. The EU has responded by banning certain services to Russia and restricting Russian nationals' involvement in EU crypto-asset services. This economic tug-of-war continues to evolve, impacting businesses and financial institutions on both sides.