In a session of the European Parliament ahead of upcoming elections, Polish Socialist and Democrat Wlodzimierz Cimoszewicz expressed concerns that Ukraine may face financial difficulties. He urged the EU to seize all underlying Russian assets immediately to address this potential issue.
Other lawmakers from various political backgrounds echoed Cimoszewicz’s sentiment, suggesting that the measures proposed by the European Commission in March did not provide adequate support to Ukraine. They emphasized the urgency of holding Russia accountable for the escalating damages in Ukraine.
Meanwhile, the US House of Representatives has approved a substantial support package for Ukraine, receiving praise from Ukrainian President Volodymyr Zelenskyy. However, the majority of Russian extraterritorial assets, estimated to be around €210bn, remain within the EU, primarily held at the Euroclear depositary in Belgium.
European Union foreign policy chief Josep Borrell recognizes the need to utilize Russia’s holdings to support Ukraine’s defense, rather than solely allocating them for reconstruction purposes. He acknowledges the legal complexities involved in complete seizure, as previously highlighted by Christine Lagarde of the European Central Bank. Borrell emphasizes the importance of adhering to international law to avoid accusations of double standards.
