In full Russian climb, The leaders of the European Union (EU) meet this Wednesday In Copenhagen at an informal summit to move towards A reinforced common defense policywhile discussing how to maintain sustained and sustainable economic and military support to Ukrainewith more and more voices advocating for using the Russian frozen assets.
After almost three years of war, a Important economic effort behind the back, but with Russia still as greater threatthe EU is looking for a model that allows to maintain support for Ukraine, without all the weight falling on their finances. For many, make use of frozen assets of the Russian Central Bank It is the solution.
“Ukraine is Our first line of defensewe have to intensify military support to Ukraine, “said the president of the European Commission, Ursula von der Leyenupon his arrival at the summit. Its executive proposes to grant the Ukrainian government “Repair loans”, valued at more than 140,000 million euros, using frozen assets. “Ukraine will have to return the loan if Russia pays compensation” for the damage caused during the war, the German added.
The idea of using frozen assets generates controversy for possible associated risks. However, according to Von der Leyen, “is Growing consensus between us that not only European contributors should pay support for Ukraine. “Russia, the president said,” should assume responsibilities “as the cause of damage. While the Kremlin does not pay, the assets will remain frozen.
The consensus
Mette Frederiksenthe Danish Prime “A good idea”. Although it recognizes that there are still several legal issues To be resolved, he hopes to find an exit.
“Ukraine needs more weapons, assistance, money …” The Estonian Prime Minister has said Christian Michal From Copenhagen. To cover these expenses, Michal is committed to making use of frozen Russian assets. Also the Finn Petteri Orpo has defended that this model guarantees A “robust” and “sustainable” support to kyiv.
“We have already used benefits, Extraordinary interests generated on those assets, “said Irish prime minister, Michael Martinin reference to the loans that Ukraine receives through the G7, using them as a guarantee. Martin has recognized that making use of assets themselves is a challenge. “But given gravity, it is a very new situation, this is the scenario in which Europe is,” he added.
In the same terms the Swedish prime minister has been expressed, Ulf Kristerssonwho has said that it is “Unacceptable” to have these assets, see them as Russian heritage and not use them. On whether they are concerned about the potential legal consequences, Kristersson has assured that he is more concerned with “the fact that Ukraine desperately needs more money “.
One of the countries that had shown most in the past, for fear of reprisals, is Germany. However, last week, the German Chancellor Friedrich Merz published an opinion article in the ‘Financial Times’ in which it would have been shown for the first time Open to support the measure.
In the article, Merz stressed that “Germany has been, and remains, cautious in the issue of confiscation of the assets of the Russian Central Bank that are frozen in Europe. “However, he opted to search A way to deal with these possible problemsand “make these funds available to the defense of Ukraine.”
The opposition
However, the French president, Emmanuel Macronhe has suggested that France is not convinced. Upon arrival at the summit, Macron has assured that Europe must continue to be a “attractive” place. When there are frozen assets, “You have to respect international law”he said.
Although the largest to measure is still Belgium. Much of the almost 200,000 million euros in frozen assets Russians are in the hands of Eurocleara company based in the country. The Belgian Government is concerned that, if legal reprisals, whether they have to pay for the invoice and return the money to Russia.
“Confiscate the money from [el presidente ruso, Vladímir] Putin and Leaving us the risks will not happen. I want to be clear, “said Belgian Prime Minister, Bart De Weveron the margins of the UN General Assembly last week, according to the Belgian press. “If countries see that the money from the Central Bank may disappear when European politicians consider it appropriate, They could decide to withdraw their euro zone reserves “he warned.
Not just Wever, too the president of the European Central Bank, Christine Lagardehe has warned of the serious risks of such a measure. Any decision in this regard, community sources ensure, It would require unanimity And, in any case, it will not arrive at this summit.
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