EU begins seriously consider seizing frozen Russian assets

Brussels – The EU is trying to break the deadlock on confiscating frozen Russian assets. The issue becomes a central part of the Ecofin meeting of the Finance Ministers of the 27 member states in Brussels. The Europe of states is still uncertain on to do, but there is slightly less hesitation, which may mean the beginning of a decision to come. Finland is pushing for the hard line: “At the moment, we need to go ahead and proceed by seizing frozen Russian assets” in Europe, the deputy prime minister and finance minister, Riikka Purra, said. This choice is congenial to what Europeans want and does not hide, which is to “ensure a strong negotiating position for Ukraine” when talks with Vladimir Putin’s Russia begin.

The solution does not displease the Austrians. Indeed, “seizing Russian assets would be a new way,” Vienna’s Finance Minister Markus Marterbauer acknowledges. However, he warns that “A unanimous decision is needed.” On the issue, “majority decisions should be avoided.” Assuming that a majority exists, which still needs to be tested at the test by discussion, the opposing positions of France and Germany remain, which are not easy to overcome.

The Polish rotating presidency of the EU Council makes itself available to states. “We must exert even more pressure on Russia,” Polish Finance Minister Andrzej Domanski said. These ambiguous words suggest that in the event of a unanimous will reached between now and the end of the six-month presidency — by June 30 — Poland will not oppose it. Indeed, the Polish presidency intends to proceed with new restrictive measures: “We see that sanctions work. The Russian economy weakens.”

The debate over the use of frozen Russian assets in Europe is not new, just as European uncertainties. There are fears that it would undermine markets, individuals, and investors, as well as risks to the international attractiveness of the euro. The president of the European Central Bank, Christine Lagarde, also insisted on this issue at the meeting she had with the president of the European Council, Antonio Costa. There is concern that investors, whom the EU needs to finance the dual transition and revive the defense industry, may reconsider their choices, to the detriment of the eurozone. Finance ministers, however, are reviving the debate.

A consensus is emerging in the European Parliament on this issue, with the Socialists’ group leader, Iratxe Garcia Perez, inviting the president of the European Commission, Ursula von der Leyen, to submit a proposal to seize the 200 billion euros of frozen Russian state assets to rebuild and arm Ukraine. In addition, the aim is to allow Kyiv to use the weapons to strike military targets. It is the EU of peace that no longer exists.