The bloc’s foreign ministers discussed the topic on Monday. It could be raised again at a summit of bloc leaders on Thursday.
The EU is again returning to the idea of transferring frozen $300 billion of Russian assets to Ukraine. This issue became relevant in the context of a possible cessation of US aid to Ukraine. Bloomberg reported this on Tuesday, December 17, citing its own sources.
It is noted that the diplomatic service, as well as some EU countries, have begun an assessment of the legal and financial consequences of the confiscation of Russian reserves with the aim of transferring them to Ukraine.
According to the interlocutors of the publication, in particular, the question of whether court decisions are required as legal grounds for the confiscation of assets, or whether the calculation of the damage caused to Ukraine is sufficient, has been will be studied.
EU foreign ministers discussed the topic at a meeting in Brussels on Monday. It could be raised again at a summit of bloc leaders on Thursday. According to Bloomberg sources, the Baltic countries and Sweden, in particular, insist on finding additional ways to use Russia’s frozen assets. The head of the EU’s diplomatic service, Kaja Kallas, is in favor of a direct withdrawal of reserves. At the November European Parliament confirmation hearing, he said:
“I’m not going to use the word ‘confiscation,’ because that’s actually a legitimate use of assets.”
Meanwhile, some other EU members, including Belgium, where Euroclear holds about 190 billion euros (nearly $200 billion), as well as Germany and Luxembourg, remain skeptical about the idea.
The European Central Bank has previously opposed it, saying it could negatively affect confidence in the euro and the stability of the European financial system. Similar and legal considerations forced the EU to first decide to transfer to Ukraine the income from reserves accumulated as a result of coupon payments and redemption of European government bonds purchased by the Bank of Russia. After that, the G7 countries decided to accelerate the transfer of money to Ukraine and agreed to issue loans worth 50 billion euros ($52.5 billion) to it, secured by future income from reserves.
Sibiga called on the partners to confiscate Russian assets
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.