EU won't confiscate frozen Russian assets – DW

The European Union has stopped discussing the confiscation of frozen Russian assets.

Source: Deutsche Welle (DW), a German international broadcaster and media outlet citing the conclusions of the EU summit on 20 March

Details: "According to EU law, Russian assets should remain frozen until Russia ends its aggressive war against Ukraine and compensates it for the damage caused by this war," the DW noted, citing the conclusions.

Several EU countries opposed the confiscation of more than €200 billion in sovereign Russian assets, arguing their position based on European legal norms, the potential risk of creating a dangerous precedent for the competitiveness of the European financial market, the need to support Ukraine using the interest on these funds and the fact that this amount serves as an essential lever of influence on Russia in any potential peace talks.

Meanwhile, the EU is prepared to further intensify pressure on Russia, particularly through additional sanctions and strengthening control over the enforcement of existing restrictions, with the aim of weakening its capacity to continue waging war against Ukraine, the conclusions state.

Background:

• On 18 March, the UK and the EU began negotiations on how to confiscate frozen Russian assets to increase pressure on Moscow ahead of possible peace talks to end the war in Ukraine.
• On 12 March, the French National Assembly approved a resolution calling for the seizure of Russian assets in favour of Ukraine.

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