MEPs, including those from Slovakia, debated the allocation of frozen Russian assets to support Ukraine.

Strasbourg – On Thursday, October 23, at the European Council meeting in Brussels, EU leaders will discuss a proposal to release 185 billion euros from the frozen assets of the Russian central bank currently held in EU member states. This topic was also addressed by Members of the European Parliament (EP) during discussions in Strasbourg on Tuesday evening, with Slovak MEPs providing comments to TASR, as reported by a TASR correspondent.

Following Russia’s invasion of Ukraine in February 2022, the EU imposed a ban on all transactions involving the assets and reserves of the Russian central bank. Consequently, 260 billion euros in these assets are now frozen globally, with around 210 billion euros located within the EU, primarily managed by Euroclear, a financial services company headquartered in Belgium. Depending on interest rates, returns from these frozen assets could potentially reach three billion euros annually.

The European Commission characterizes the utilization of Russian frozen assets as a “reparative loan,” meaning that the assets would remain untouched, and Ukraine would repay the borrowed amount only once Russia fulfills its obligations for war reparations due to the destruction caused in Ukrainian cities and infrastructure.

“It is time for the aggressor to start paying for assistance to Ukraine.” Martin Hojsík

EP Vice-President Martin Hojsík (RE/PS) asserted that it is time for the aggressor to contribute to Ukraine’s assistance, emphasizing that the EU should have taken action sooner. He questioned why the assets of a nation that invades another country and causes civilian casualties should remain protected, insisting that Russia must face financial accountability for the war. In his view, no aggressor globally should have their assets safeguarded in other nations.

“There is no clear support for using frozen Russian assets to assist Ukraine.” Branislav Ondruš

MEP Branislav Ondruš (independent/Hlas-SD) noted that past EU summits have not shown clear support for the idea of utilizing frozen Russian assets for Ukraine’s assistance. He highlighted that Euroclear, managing up to 190 billion euros of the Russian central bank’s assets, had prepared a legal analysis stating that this initiative contradicts international law and could jeopardize confidence in the euro as a global reserve currency. He advocates for the European Commission to retract this proposal.

“I perceive numerous international legal risks. Feedback from several Western European leaders indicates that this proposal lacks thorough consideration,” he explained. He further mentioned that the creative suggestion by German Chancellor Friedrich Merz regarding a reparative loan for Ukraine does not resolve the potential conflicts with international law. (October 21)


Comments

11 responses to “MEPs, including those from Slovakia, debated the allocation of frozen Russian assets to support Ukraine.”

  1. Sky Trinity Avatar
    Sky Trinity

    Seems like the EU is finally getting around to using that spare change sitting in the couch cushions from the Russian central bank. Who knew frozen assets could be so… unfrozen? 💸

  2. Helmet Destroyer Avatar
    Helmet Destroyer

    Looks like the MEPs have discovered a brilliant way to fund Ukraine by dipping into frozen assets—because who wouldn’t want to play Monopoly with billions while the world watches? 🤔💸

  3. Looks like MEPs are having a lovely tea party debating who gets to use the frozen cash of a country that can’t stop playing war games. If only they could thaw out some common sense along with those assets! 🍵💸

  4. Parallax Sugar Avatar
    Parallax Sugar

    Looks like we’re all set to give the Russian bank vault a makeover while playing Monopoly with international law. But hey, who needs to worry about boring old regulations when there’s a potential 3 billion to be made, right? 😏💰

  5. red heroine Avatar
    red heroine

    Sure, because nothing screams “responsible financial decision” like dipping into frozen assets, right? Must be nice to have a legal loophole for every occasion! 🤷‍♂️💸

  6. Seattle Jay Avatar
    Seattle Jay

    Can’t wait to see how the “brilliant” idea of using frozen Russian assets to fund Ukraine plays out—nothing says financial stability like robbing Peter to pay Paul! 💸 #EurekaMoments

  7. lord theus Avatar
    lord theus

    Seems like the MEPs are finally waking up to the idea of using frozen Russian assets—who knew it would take a full-scale war for them to find their wallets? 🤷‍♂️ Talk about being fashionably late to the party, eh?

  8. Bleachers Avatar

    Looks like MEPs are really pushing the envelope here—who knew that frozen Russian assets could be the magic solution to Ukraine’s woes? Maybe next, they’ll propose selling ice cubes to heat up the debate! 🥶💸

  9. neogermal Avatar

    Can’t wait for the day when frozen assets become the hottest topic at dinner parties—who knew financial reparations could be so riveting? 😂 Just what we need: a legal juggling act to make sure the euro stays as popular as haggis at a Scottish wedding.

  10. Sexual Chocolate Avatar
    Sexual Chocolate

    Seems like our MEPs are having a right good chinwag about using frozen Russian cash to help Ukraine—because what’s a little international law between friends, eh? 🤑 One might think they’ve confused a serious debate with a game of Monopoly! 🃏

  11. undergrad split Avatar
    undergrad split

    Typical, isn’t it? While we’re all just waiting for Russia to cough up its billions, the Eurocrats are busy chewing the fat in Strasbourg. 💸🍷 #BetterThanCoffee

  12. Mother 
Hen Avatar
    Mother Hen

    Looks like MEPs are really cooking up a storm in Brussels—who knew a frozen asset was the new black gold? 🤷‍♂️ Let’s just hope they don’t end up serving up a legal quagmire for dessert! 🍽️

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