The EU is under increasing pressure to use frozen Russian assets to aid Ukraine, with support from Nordic and Baltic countries. EU foreign ministers are actively exploring how to utilize these assets, totaling around 200 billion euros, to support Ukraine's reconstruction.
EU Faces Pressure to Allocate Frozen Russian Assets to Ukraine
EU Faces Pressure to Allocate Frozen Russian Assets to Ukraine
The pressure is mounting within the EU to use frozen Russian assets to assist Ukraine. "It is our duty to do so," states Foreign Minister Maria Malmer Stenergard (M).
So far, the EU has only utilized the interest from frozen Russian state assets held primarily in Belgium. However, the EU Commission is now actively exploring how to use the assets themselves, amounting to around 200 billion euros.
"We will delve deeply into the issue of the frozen assets. We cannot imagine that if there is a ceasefire or a peace agreement, these assets will be returned to Russia if they have not paid for reparations," says EU Foreign Affairs Chief Kaja Kallas ahead of Saturday's meeting with foreign ministers in Copenhagen.
Support is particularly strong among Nordic and Baltic countries, who dismiss concerns from other regions that such seizures could undermine trust in Europe and the euro's status as a global currency.
"I believe we can do this without serious disruptions, and I also believe it is our duty to do so. Sooner or later, someone will use these assets, and I don't think it should be Russia," says Foreign Minister Maria Malmer Stenergard.