“EU ambassadors have agreed in principle on measures on the extraordinary benefits resulting from Russia’s fixed assets,” announced the Belgian presidency of the EU Council on Wednesday, May 8, on Twitter. This money will “serve to support the recovery and military defense of Ukraine”, the statement adds.
The principle agreement still needs to be approved in the EU Council by the ministers of the member states.
The states of the EU bloc together with those of the G7 have blocked Russia’s access to around 300 billion euros of its foreign exchange or gold reserves. Of this amount, the EU has frozen assets of the Russian Central Bank worth 200 billion euros, and 192 billion euros are deposited in Belgium.
Russia: “Theft and Banditry”
The proposal came in March from the European Commission, which requested that revenues from frozen Russian assets, for example interest, be redirected to purchase arms and ammunition for Ukraine. The amounts obtained from those revenues are estimated between 2.5 and 3 billion euros annually.
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Russia last month described the proposal by Ursula von der Leyen’s institution as “theft and banditry”, saying it would lead to decades of lawsuits and undermine the EU’s reputation as a reliable defender of property and a safe place for investment.
European politicians also want the direct confiscation of Russian assets frozen in the West and the use of this money for the reconstruction of Ukraine and for arming the country led by Zelenski. But this measure, also requested by Kiev, is difficult to put into practice, due to legal, geopolitical and financial issues, such as the risk of weakening the euro, plus Moscow has threatened retaliation if this happens, notes the quoted source.
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