“EU seeks ways to withdraw part of Russia’s frozen $280 billion – BloombergThe EU is studying options for confiscating frozen Russian assets to support Ukraine. The use of assets as collateral through the
International Claims Commission is being considered.”, — write: unn.ua
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According to the newspaper, EU officials are discussing how the assets could be used as collateral for the planned International Claims Commission, which will determine the compensation owed to Ukraine, according to people familiar with the talks. The assets could then be seized if Muscovy refuses to pay damages.
The value of the confiscated assets will be offset by Russia’s commitment to pay damages as part of a potential peace deal, said the people, who spoke on condition of anonymity.
U.S. President Donald Trump has turned sharply against President Vladimir Zelensky in recent days, calling him an unelected dictator and blaming Ukraine for the Russian invasion. Zelensky urged European leaders to step up aid to his country amid threats that the U.S., which has been a major supplier of weapons and financial aid to Kiev, would reduce its involvement.
Bloomberg adds that the EU, G7 countries and Australia have frozen about $280 billion of Russian central bank assets in the form of securities and cash, mostly through the Belgian clearing house Euroclear. Sanctions imposed against prominent Russian individuals have frozen about $58 billion more in assets, including homes, yachts and private jets, according to U.S. Treasury Department estimates.
The European Commission, the EU’s executive body, did not immediately respond to a request for comment.
EU economy and financial services chiefs Valdis Dombrovskis and Maria Luis Albuquerque said the bloc should explore all possible options to help Ukraine, including confiscating assets of the Russian central bank.
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According to the newspaper, another option under discussion suggests that the EU would oblige member states to confiscate sovereign assets as compensation for the destruction of Ukraine’s energy infrastructure, the people report. They are examining whether the International Criminal Court’s ruling on the issue and the ferocity of the attacks would justify action under the criminal laws of member states.
Proposals to confiscate assets entirely have been rejected by member states, including Germany and France, because of the legal and economic consequences that could arise and how such dramatic action could affect the international role of the euro.
The EU diplomatic service, as well as some member states, have examined whether court rulings would be required as a legal basis for confiscating frozen assets or whether a damage calculation would suffice, as Bloomberg previously reported. The European Central Bank has also expressed concern about the idea.
Complicating the proposals, the G-7 has already used profits from immobilized Russian assets to secure a $50 billion loan to Ukraine.
The European Commission told EU ambassadors this week that talks on the creation of an International Claims Commission will begin on March 24, the people said. It added that the new organization would be discussed at a meeting of foreign ministers on Monday.
The new commission’s job will be to evaluate damage claims and determine the exact amount to be paid.
“There can be no justice without compensation,” European Commission President Ursula von der Leyen said this month as the institute took the first steps toward creating an International Claims Commission.
“Russia must be held accountable for its aggression – and it must pay,” she said.
Russia is ready to give its frozen assets to rebuild Ukraine, but under certain conditions – Reuters21.02.2025, 17:41 • 25898 views