Brussels (Eurotoday) – Estonia is pushing for a new initiative to convince fellow EU nations to seize frozen Russian assets and use them to support Ukraine, countering a Russian proposal on how the funds could be allocated as part of a peace agreement.
According to officials, Estonia has sent a discussion paper on the topic to EU member states and will bring it up at a meeting of EU foreign ministers in Brussels.
Reuters reports that the Estonian paper seeks to alleviate concerns among its partners. It argues that asset seizure can be justified under international law as a countermeasure to Moscow’s war, given that “Russia refuses to engage in reparations.” The paper also suggests that a coordinated effort by the European Union and international allies could minimize any risks to the euro as a reserve currency.
The decision to use the windfall profits was a step in the right direction. I see that the time is ripe now to take the next step,
Estonian Foreign Minister Margus Tsahkna told Reuters.
What concerns do EU nations have about the proposal?
Previously, it was revealed that Moscow might blank”>agree to the use of frozen Russian assets in Europe for Ukraine’s reconstruction but would require part of the funds to be allocated to areas under Russian control. Tsahkna dismissed this argument.
Giving Russia some of the assets to use in the occupied areas means accepting Russia’s occupation of some parts of Ukraine,
he stated.
The European Union has maintained that Ukraine’s territorial integrity must be upheld in any peace negotiations. Some EU countries, including Baltic states and Poland, have expressed readiness to seize the assets. However, France, Germany, Belgium, and the European Central Bank have been more cautious, citing legal concerns and potential risks to the euro’s stability as a reserve currency.
Belgium-based clearing house Euroclear holds the majority of the frozen Russian assets in Europe.
In total, 210 billion euros in Russian assets have been blocked in the EU as part of an international sanctions effort against Russia for its 2022 invasion of Ukraine. Last year, the G7 countries, including the EU, agreed to use profits generated from these frozen assets to help secure a $50 billion loan for Ukraine.
Comments
3 responses to “Estonia Calls on EU Nations to Confiscate Frozen Russian Assets for Ukraine”
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Oh, brilliant move by Estonia—why not just play Monopoly with real money while we’re at it? If only asset seizures came with a side of fine dining and a nice Bordeaux, eh? 🍷💸
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Oh, brilliant move by Estonia—because nothing screams “diplomacy” like a game of Monopoly with real money! 🤑 Next, they’ll be asking for a “get out of jail free” card for Russia.
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Oh, brilliant strategy there, Estonia! Why not just toss a few billion euros in the EU’s communal pot while we’re at it? 🎩 Because who doesn’t love a little financial magic show amidst a war, right? 😂
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Oh, brilliant idea, Estonia! Let’s just play Monopoly with frozen assets and hope that Russia doesn’t flip the board. 🚀 Because nothing says “international law” like good ol’ EU teamwork over a cuppa tea, right? ☕️💼
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