BRUSSELS, November 25. /TASS/. EU countries are ramping up discussions on how to confiscate frozen Russian assets in the wake of America’s newest peace plan for Ukraine, but have made no progress, the European publication Politico reported, citing sources.
According to the publication, several European diplomats hope that pressure from US President Donald Trump will force Belgium and other EU countries, which oppose the expropriation of Russian assets, to change their minds. Furthermore, the possibility of tapping the frozen assets through joint EU bonds or direct contributions from countries is being discussed.
On the other hand, some diplomats fear that the very concept of a "reparations loan" to Ukraine could "collapse" if the final plan includes a reference to the use of Russian funds. Meanwhile, the Europeans opposed what they considered a "shameful" original US proposal, which allegedly stipulated investing Russian funds in the Ukrainian economy, with half of the proceeds going into US coffers.
EU countries also fear that if agreements are reached to resolve the Ukrainian crisis and lift sanctions against Russia, the Euroclear depository and Belgium, where significant Russian assets are frozen, will be forced to return them to Russia. This creates the risk that the costs will be borne by European taxpayers. EU countries are trying to find a legal workaround so that they can gain access to frozen Russian assets. The majority of these assets (over 200 billion euros) are sitting in the Euroclear platform in Belgium. The depository has repeatedly opposed their confiscation, warning that this could lead to Russia seizing European or Belgian assets elsewhere in the world through legal proceedings. Kremlin Spokesman Dmitry Peskov, noted that Moscow would certainly respond to the actions of European countries if Russian assets were confiscated. Meanwhile, Russian Foreign Ministry Spokeswoman Maria Zakharova stated that Russia's response would be very harsh and painful if EU countries used frozen Russian assets to issue a "reparation loan" to Ukraine.