“Scholz and Duda clash over frozen Russian assets at EU leaders’ meeting — FT Dec 22, 07:32 Share: German Chancellor Olaf Scholz (Photo: REUTERS/Valentyn Ogirenko) Frozen Russian assets have sparked a row between German Chancellor Olaf Scholz and Poland’s president Andrzej Duda during the meeting of European Union leaders this week. This is reported by the Financial Times, citing its own”, — write on: ua.news
German Chancellor Olaf Scholz (Photo: REUTERS/Valentyn Ogirenko)
The frozen Russian assets became a point of contention between German Chancellor Olaf Scholz and Polish President Andrzej Duda during a meeting of European Union leaders this week. This is reported by the Financial Times, citing its own sources.
During the discussion of further assistance to Ukraine, the President of Poland called on the European Union to confiscate frozen Russian assets worth 260 billion euros and send them to support Kyiv.
This initiative has long been supported by the United States and Great Britain, but Germany, France and Italy oppose such a move.
“You do not understand how this will affect the stability of our financial markets. You don’t even use euros!” Scholz shouted across Doody’s desk, according to three of the publication’s sources.
On December 19, President of Ukraine Volodymyr Zelenskyy arrived at the meeting of the European Council in Brussels.
During the conversation with journalists, the President of Ukraine stated that he intends to discuss the protection of the Ukrainian energy sector at the meeting of the European Council.
Zelenskyi arrived in Brussels to participate in the meeting of the European Council on December 18. He held a meeting, in particular, with NATO Secretary General Mark Rutte and French President Emmanuel Macron.
On December 19, EU leaders announced that Russian assets would be frozen until the end of the war and the payment of compensation to Ukraine. This is stated in the conclusions of the European Council following the meeting of EU leaders in Brussels.
Profit from frozen Russian assets for Ukraine — what is known
At the end of May 2024, US Treasury Secretary Janet Yellen did not rule out that the G7 countries could provide Ukraine with a multi-billion dollar loan and use the interest received from $300 billion of frozen Russian state assets.
At the beginning of June, Brent Neiman, assistant to the head of the US Treasury Department for international finance, said that Washington, together with its G7 partners, is making progress in the issue of providing aid to Ukraine at the expense of profits from Russian assets.
On June 12, the Elysee Palace announced that the G7 leaders had reached an agreement on the transfer of $50 billion to Ukraine at the expense of frozen Russian assets.
Hungary continues to oppose the EU collectively providing military support to Ukraine. Official Budapest also blocks other decisions related to armaments for Kyiv in the amount of 6.6 billion euros.
On October 22, the European Parliament supported the proposal of the European Commission to provide Ukraine with an exceptional loan of up to 35 billion euros as a contribution to the G7 initiatives, with subsequent repayment at the expense of revenues from frozen Russian assets.
On December 10, the US Treasury Department announced the allocation of a loan for Ukraine in the amount of 20 billion dollars at the expense of revenues from the frozen assets of the Russian Federation. The Prime Minister of Ukraine Denys Shmygal said that the money has already been transferred to the World Bank fund, through which it will be available for Ukraine.