PARIS, December 16. /TASS/. The EU Council’s indefinite freeze of Russian assets and their possible expropriation by providing Ukraine with a reparation loan with the use of the funds will undermine Europe's credibility in politics and the financial markets, Thierry Mariani, a European Parliament member, said
"This decision is obviously extremely dangerous. It seriously undermines the authority of the European states in the international arena and in the financial markets. It is also highly controversial from the point of view of international law. Finally, it creates a serious problem if a peace agreement is signed soon, which will explicitly provide for the unfreezing of these assets," he told TASS in an interview.
Mariani said the lack of a clear mechanism for lifting the freeze is a conscious decision of the authors of the initiative, adding that by blocking over 200 billion euros worth of assets, Brussels expects Russia to pay Ukraine "reparations" in a similar amount.
"In other words, if the Council does not change its position and adopt a new decision, it will mean that the European Union actually requires Russia to give up 210 billion euros, which are currently blocked in European banks, in favor of Ukraine," the European parliamentarian said.
The EU's ideological blindness
According to Mariani, serious investors will stop considering the European Union as a place to invest because European politicians are guided by ideology rather than rules.
"After such a rejection of the fundamental principles of international law, who else can trust Europe and invest in it or place their capital in it? What serious investor would agree to entrust his money to a system that changes the rules of the game depending on ideological considerations, and not in accordance with the law, contracts and obligations that it has set itself?" he demanded.
According to him, the decision to permanently block Russian assets was "another example of the ideological blindness of the Brussels hawks. This is the latest ploy by those in Brussels who want to prolong the war at any cost."
The French politician noted with regret that for France, as one of the inspirers of the idea of using Russian assets to secure the reparation loan, such a policy would only exacerbate the negative consequences of "strategic mistakes accumulated over the two terms of Emmanuel Macron’s presidency. Internationally, this has led to the collapse of our diplomatic credibility and a significant loss of influence. Such militant and radical proposals only exacerbate France's already difficult situation on the international arena, where it no longer acts as a balancing force, but represents a belligerent side."
Indefinite freezing
On December 12, the Council of the European Union blocked Russia's sovereign assets permanently. The European Commission hopes to get the EU countries at a December 18-19 summit to decide on the expropriation of 210 billion euros of Russian assets, of which 185 billion euros are blocked on the Euroclear site in Belgium, which opposes their confiscation, fearing undermining international confidence in financial institutions in the EU.
Chief of the European diplomacy Kaja Kallas admitted that it is becoming increasingly difficult for the EU countries to reach an agreement on the expropriation of Russian assets under the guise of a reparation loan, although this remains the only way to further finance Ukraine. Before today's meeting in Brussels, she confirmed to reporters that the European Commission was seeking such a decision not by consensus, but by a qualified majority, but it would be difficult to do so without Belgium.
Russian President Vladimir Putin has previously said that confiscation of Russian assets being discussed in Europe would be a theft. Russian Justice Minister Konstantin Chuichenko told TASS that the country's leadership has already been presented with options for responding to the possible seizure of Russian assets.