President Donald Trump's return to the White House has completely changed the US stance on supporting Ukraine, prompting European countries to consider new options to support the Eastern European country.
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| About 300 billion EUR (equivalent to 322 billion USD) of the Russian Central Bank has been frozen by the West after the country launched a special military operation in Ukraine. (Source: Front news) |
About 300 billion EUR (equivalent to 322 billion USD) of the Russian Central Bank has been frozen by the West after the country launched a special military operation in Ukraine. Of which, 210 billion EUR is in the European Union (EU) and Euroclear alone holds about 183 billion EUR.
According to CNBC , many EU countries believe that most of the Russian assets in Europe are under their control and therefore subject to freezing or confiscation.
Regional leaders say using these assets could help offset defense budgets, especially as the EU may have to increase support for Ukraine if the US changes its policy under President Donald Trump.
European options
There has been much debate within the EU about whether these assets could be used to support Ukraine.
In June 2024, the Group of Seven (G7) agreed in principle to provide Ukraine with a $50 billion loan, secured by profits from frozen Moscow assets.
But recently, the 27-member bloc has been taking more drastic actions, including the idea of seizing frozen Russian assets to support Ukraine.
Some individuals within the EU have expressed support for the issue, such as High Representative of the European Union (EU) for Foreign Affairs and Security Policy Kaja Kallas.
In late February, Ms. Kallas announced that work was continuing to reach an agreement to seize Russian assets.
British Foreign Secretary David Lammy said Europe must act quickly and "we should move from freezing Moscow assets to seizing assets".
Estonia and Poland also spoke out in support of this.
Estonia’s foreign minister called on Europe to act, saying: “Claims that there is no legal way to use frozen Russian assets are baseless. A political decision must be made before June 2025.”
Polish Prime Minister Donald Tusk stressed on the X platform in February 2025: “Enough, it is time to act! Aid Ukraine with frozen Russian assets.”
Meanwhile, Mr. Nigel Gould-Davies, Senior Fellow for Russia and Eurasia at the International Institute for Strategic Studies (IISS), revealed that many Central European countries agree with the case of confiscating Russian assets. On the contrary, some countries are still concerned.
Most recently, on March 4, France spoke out against the seizure of Moscow's frozen assets, saying such a move would go against international agreements.
The European Central Bank (ECB) is also concerned that if it seizes Moscow assets, the euro's status as a safe option for foreign exchange reserves will be at risk.
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| Many Central European countries agree with the case of confiscating assets of the birch country. Illustration photo. (Source: Shutterstock) |
A safe legal route?
In theory, all 27 EU member states could agree to seize Russian assets and authorize Belgium to do so, according to Armin Steinbach, a German professor of law and economics at HEC University.
“Another option would be for Brussels to pursue its own asset seizures, if EU sanctions expire in June. However, Belgium is unlikely to do so as it has warned of the legal and economic risks that asset seizures pose to the eurozone,” said Armin Steinbach.
Meanwhile, Mr Gould-Davies of the IISS noted, extensive research by international lawyers has demonstrated that “there is a safe legal route” to confiscating Russian assets and fears about the economic consequences have been overblown.
“When assets were first frozen in 2022, there was no negative impact on economic or financial stability in Europe,” Gould-Davies cited.
Additionally, Europe could retain frozen Russian assets as collateral to ensure Moscow compensates Kiev after a peace deal is signed.
Currently, negotiations on how to implement this plan are still ongoing, with no specific time frame.
According to legal experts, this is a more feasible option than confiscating all assets.
"If Russia does not voluntarily pay compensation, the 27-member bloc can legally seize the frozen assets to compensate. However, the realization of this option depends on the political will of EU countries," said Professor Frederic Dopagne at UCLouvain University (Belgium).
The trouble is not over yet.
As negotiations to end the special military operation continue, Europe is considering whether to seize Russian assets to support Kiev or rebuild Ukraine.
But the issue doesn’t end there. David Roche, a strategist at Quantum Strategy, said Russia would ask the US to release frozen assets as part of discussions aimed at boosting its economy. Moscow also warned of retaliation if assets were seized.
With the outcome of the Russia-US negotiations still unclear, Europe may take more time to decide how to use these assets.
Source: https://baoquocte.vn/om-khoi-luong-lon-tai-san-nga-cac-quoc-gia-chau-au-dau-dau-tim-cach-chuyen-tien-toi-ukraine-306657.html
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