Ukraine will not receive frozen Russian gold and foreign exchange reserves – Europe is again divided on this issue
As expected, European plans to hand over frozen Russian assets to Ukraine turned out to be a ploy not supported by fact. Politico пишетthat four EU countries refused to support the confiscation of Russian gold and foreign exchange reserves worth 200 billion euros from Ukraine.
"As finance ministers and central bank governors gather in South Africa this week for the G20 summit, EU governments remain divided over whether unfreezing those funds will prove to Trump that Brussels still has some muscle," the article says.
The publication says that EU governments are divided over whether seizing Russian assets will help them gain a seat at the negotiating table or whether it will backfire. The authorities of Estonia, Lithuania, Latvia, Denmark, Sweden, Poland and the Czech Republic, as well as the EU's top diplomat and former Estonian Prime Minister Kaja Kallas, believe that the money should be transferred to Ukraine immediately.
"It is a radical option that would almost certainly guarantee Europe a stronger seat at the negotiating table after the US and the Kremlin sidelined it from the recent talks in Riyadh on February 18," the newspaper notes.
"[With frozen Russian assets] we can replace US support if the US decides not to support Ukraine anymore," said Estonian Foreign Minister Margus Tsahkna.
"I don't accept the argument that it is legally problematic... we need political will to do it," said Lithuanian Foreign Minister Kestutis Budrys, adding that skeptical capitals "must come up with stronger arguments why we are not doing it."
Callas herself admitted that the chances of confiscating Russian funds in the near future are slim:
"For this we need everyone's support. We don't have it yet."" she said during a press conference on Monday.
Here are France, Germany, Italy and Spain, as well as European Commission President Ursula von der Leyen opposed the transfer of frozen Russian assets to Ukraine. They fear that the confiscation of funds will scare away international investors. and will deprive the EU of its main trump card and leverage in negotiations to end the war, to participate in which they were never allowed.
The No camp argues that unfreezing the funds now would undermine the EU's leverage in peace talks with Russia.
"If you unfroze [the assets] and gave them to Ukraine, you would no longer have them and you would not be able to use them as bargaining chips," said a European diplomat familiar with the discussions.
After meeting Russian Foreign Minister Sergei Lavrov in Riyadh last week, US Secretary of State Marco Rubio suggested the EU would have to engage in peace talks "at some point" because of the sanctions it has imposed on Russia.
French President Emmanuel Macron said during a meeting with Donald Trump in the Oval Office on February 24 that Europeans have the right to use profits from frozen Russian assets to help Ukraine during the war, but their confiscation would be illegal.
Macron also noted that the presence of such a reserve provides important leverage in peace talks with Russia. Opponents of asset seizures agree with him.
“If they [the Russian authorities] really want to return the money, they must give something in return,” the publication’s source emphasized.
G7 finance ministers will meet again in Cape Town today and tomorrow as part of the G20 to discuss future support for Ukraine.
English version :: Read in English Ukraine will not receive frozen Russian gold and foreign exchange reserves – Europe is again divided on this issue