UK and EU to discuss confiscation of frozen Russian assets – Bloomberg
The United Kingdom and the European Union are intensifying negotiations on how to confiscate frozen Russian assets to increase pressure on Russia ahead of potential peace talks on ending its war against Ukraine.
Source: Bloomberg
Details: The UK Foreign Office reported that Foreign Secretary David Lammy and EU foreign policy chief Kaja Kallas will meet in London on Tuesday 17 March, to discuss "innovative initiatives" aimed at increasing European defence funding and enhancing military readiness.
The talks will also cover legal and financial mechanisms that would allow Europe to seize billions of dollars in Russian assets.
People familiar with the matter stated that despite progress, some countries, including Belgium and Germany, still oppose such measures due to concerns about violating the principle of state immunity in international law and the potential consequences for the euro.
Europe is seeking to ramp up pressure on Russia ahead of another scheduled phone call between US President Donald Trump and Vladimir Putin on Tuesday. The US is urging Russia to agree to a 30-day ceasefire, which Ukraine is willing to accept.
The EU, the Group of Seven (G7) nations and Australia have frozen approximately US$280 billion worth of Russian central bank assets in the form of securities and cash, primarily through the Belgian clearinghouse Euroclear. Additionally, sanctions against Russian oligarchs have resulted in the freezing of about US$58 billion in real estate, yachts and private jets.
Background:
- On 12 March, the French National Assembly reviewed a resolution calling for the seizure of Russian assets in favour of Ukraine.
- Ukraine plans to confiscate US$300 billion in frozen Russian assets held in international financial institutions.
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