On this episode of The Swing, we dive into one of the most consequential, and least understood, aspects of the war in Ukraine: Russia’s frozen state assets. Roughly $300B USD were seized by the G7 and EU in 2022 and have been sitting in financial deep-freeze.

The Belgian securities depository, Euroclear, manages 90% of these frozen assets — including Canada’s share. What happens next could decide whether this money is used to help Ukraine, or flows back into Vladimir Putin’s war chest.

Joining Pendulum's Heather Bakken and Yaroslav Baran is Aaron Gasch Burnett, a security analyst at the European Resilience Initiative Centre based in Berlin.

Aaron walks us through the geopolitics, legal battles, European financial mechanisms, and the role Canada can play through double-frozen assets. Yaroslav breaks down the Canadian political timing, the risks, and why this debate may be the most important financial front of the war.