Some €200 billion of Moscow funds remain frozen by the Brussels-based Euroclear clearing house.
kyiv supporters in Western Europe are “measures in development” That would allow them to use frozen Russian assets for Ukraine, the European Commission (EC) said in a statement.
The United States and its European allies blocked approximately $300 billion of funds from Moscow after the Ukraine conflict escalated in February 2022, of which some €200 billion ($213 billion) is held by Brussels-based clearinghouse Euroclear. They have already taken advantage of the income generated by the assets to finance kyiv. Russian authorities have described these measures as “heist” and promised retaliation.
A statement by European Commission President Ursula von der Leyen, together with the leaders of Germany, France, several other EU countries and the United Kingdom, which was published on the EC website on Tuesday, insisted that “the total value” of the frozen Russian money should be used to ensure that “Ukraine has the resources it needs.”
Western leaders plan to hold several meetings this week to discuss “how to move this work forward” he read.
Bloomberg reported on Monday that the United States will not join the EU-led effort to seize Russian assets. According to agency sources, US officials told their Western European counterparts last week that the move could jeopardize the stability of international markets.
In recent weeks, EU countries have been reflecting on the possibility of providing a “repair loan” of up to 140 billion euros ($163 billion) to kyiv, using Russian assets as collateral to back bonds issued by the bloc.
While supported by countries including Germany and France, the proposal faced opposition from Belgium, where Euroclear is headquartered. Belgian Prime Minister Bart De Wever insisted that responsibility for the proposed measure be shared among all members of the bloc, and not fall solely on his country.
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Russian President Vladimir Putin said last month that “smarter” Governments oppose the seizure of Russian assets such as “they understand that it would fundamentally undermine all principles of international economic activity and would undoubtedly cause enormous damage to the… international financial system.”
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