There are many of you wondering about the question of grasping Russian frozen assets to finance military aid in Ukraine. Since the start of the war in Ukraine, in February 2022, the European Union (EU) has adopted several series of sanctions against Moscow, including the freezing of the sums held in Europe by the Central Bank of the Russian Federation – or around 210 billion euros, which Russia had largely placed at Euroclear, an international deposits of funds established in Brussels. In May 2024, the twenty-seven decided to use the interests that these immobilized assets generated-around 3 billion euros per year-in order to support the Ukrainian military effort. Today they make it possible to reimburse a loan of $ 50 billion (46 billion euros) granted by the G7 in kyiv. “Flight”according to Russia.
Should we go further and use not only interest, but also immobilized Russian capital? This is the whole debate. French deputies adopted, on Wednesday, a resolution on the strengthening of support for Ukraine, notably containing a call for the seizure of frozen Russian assets. French President Emmanuel Macron, Chancellor Olaf Scholz, president of the Italian council, Giorgia Meloni, and a majority of their European counterparts hammer that Europe should not draw in the Russian kitty placed under receivers.
This would be “Contrary to international agreements”estimates the Minister of the Economy, Eric Lombard: this money belongs to the central bank of the Russian Federation, and there is no reason to seize it. “The seizure of Russian assets [déposés chez Euroclear] would present a clear legal risk. (…) If Europe made the political decision of this seizure, it would be necessary to pool the risks ”immediately warns Pierre Wunsch, the governor of the National Bank of Belgium, who is also the supervisor of Euroclear.
Europeans, who criticize Vladimir Putin as in Donald Trump for not respecting international law, would be unwelcome to violate him in turn, also argue those who oppose the seizure of Russian assets. But, more than anything, Paris and Berlin are concerned about the previous one that would create the seizure of Russian assets. Will India, China, Brazil and Saudi Arabia continue to place funds in Europe if these capital can suddenly find themselves confiscated? In this context, Paris and Berlin argue that the freezing of these assets gives Europeans a lever in a negotiation between Washington and Moscow on the fate of kyiv, from which they are widely excluded, at this stage.
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GROMWALSKY