Russia's allies demand from EU not to arrest frozen Russian assets

Countries that support Russia demand that the EU abandon all plans to seize Moscow's state assets.

Source: Politico 

Quote: "Representatives of China, Saudi Arabia and Indonesia are privately pushing the EU to continue resisting pressure from the US and UK to seize more than €200 billion of Russian state assets it immobilised after February 2022," the newspaper writes.

"These countries are very sceptical about the idea," one official explained. They're concerned that "this would create a precedent." In other words, these countries fear they will be the next to lose their assets.

Details: For the time being, any plans to confiscate Russian assets frozen by Europe and use the funds to help Ukraine have been postponed. Western European countries, which are concerned about legal consequences and potential eurozone destabilisation, are particularly opposed.

However, given Washington and London's determination and the fact that this issue will be discussed at a G7 finance ministers meeting next month, countries that do not consider Vladimir Putin an enemy will not sit idly by.

They have already seen the EU present a more limited proposal to use the proceeds from asset investments (worth approximately €2.5-3 billion per year), with 90% of these funds going to Ukraine to purchase weapons.

It can also influence the motivation of countries that apply pressure. In addition to concerns about precedent, they may act in Putin's interests and oppose the EU's assistance on the battlefield.

"I would admit that the Russians could have asked their friends to create this fuss," said a senior diplomat from a non-EU country.

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