While the American plan for a solution to the conflict in Ukraine is being discussed, which seems to have received an initial confirmation from Kiev and a firm “no” from Moscow, the issue of Russian assets frozen on the territory of the Old Continent still remains to be resolved. A topic that divides many European leaders. The European Union has been discussing a large “remedial” loan to support Ukraine for months. Commission President Ursula von der Leyen reiterated in her State of the Union speech in September that the war is Russia’s responsibility and that European citizens should not have to pay the costs. For this reason he proposed using the profits generated by the frozen Russian assets to finance a loan to Ukraine.
How much are Russian assets in Europe?
How much money is it? According to what was reported by Reutersthe total value of Russian assets frozen in Europe reaches around 210 billion euros. The largest part, around 185 billion, is kept at the Belgian financial institution Euroclear, while almost all of the remaining amount is located in Luxembourg, in the Clearstream vaults. Russian sources also claim that around 65 billion of these funds are not directly attributable to the Russian Central Bank and that 12 billion belong to Russian citizens.
Von der Leyen: ‘Use of Russian assets central to negotiations’
The issue must be central to peace negotiations. This is the request that comes from the number one European executive. Denouncing the wave of Russian attacks on Kiev last night, conducted with missiles and drones which, according to Ukrainian authorities, also violated Moldovan and Romanian airspace, von der Leyen wrote in X: “It is a further reminder that Ukraine’s security is Europe’s security. Their interests are our interests: they are inseparable.”
Von der Leyen reiterated at the end of the meeting of the Coalition of the Willing that the EU will continue to support Ukraine in the next negotiations, underlining that one of the central points remains the financing of the country, “including the use of immobilized Russian sovereign assets”.
On cooperation between Europe and the USA, von der Leyen referred to “the significant impact of our coordinated and successive waves of sanctions against the Russian economy. They are reducing the resources Russia has to wage its war of aggression. And since pressure remains the only language Russia responds to, we will continue to increase it until there is a real will to commit to a credible path towards peace”.
Macron: “A solution will be reached on frozen assets in the next few days”
Making the topic hot again is the French president, who hopes a “solution” will soon be reached to “guarantee financing” for Ukraine using frozen Russian assets. A solution that could be reached already “in the next few days”. Emmanuel Macron does not hide the importance of these assets, which are “extremely important” and “also a means of exerting pressure” on Russia. Speaking to journalists after the video conference of the Coalition of the Willing, the French president explained that “in the next few days we will finalize, in coordination with all the most interested European countries and obviously with the EU and the European Commission, a solution that will allow us to secure funding, give visibility to Ukraine but maintain a certain pressure”. For the head of the Elysée, “there is clearly no Russian will to have a ceasefire” and he also said he was in favor of a “strong Ukrainian army” and without “limitations”.
