Russia will not regain access to its frozen assets until it compensates Ukraine for the damage caused by the war. This was stated by EU High Representative for Foreign Affairs and Security Policy Kaja Kallas ahead of the informal meeting of EU foreign ministers in the Gymnich format in Copenhagen.
Currently, more than €205 billion of Russian assets are frozen under EU sanctions imposed on Moscow over its invasion.
“We need to take a deep dive into the issue of frozen assets. There are pros and cons. There are certain sensitive aspects, but we must have a reasoned discussion of potential risks. Of course, there needs to be a strategy for exiting the crisis, but we cannot even imagine that in the event of a ceasefire these assets would be returned to Russia without it paying reparations,” Kallas said.
Ukraine and several EU countries, including Poland and the Baltic states, have called on the EU to confiscate the assets and use them to support Kyiv.
France, Germany, and Belgium — which holds the largest share of the assets — have rejected such calls.
These countries added that the EU has already allocated future profits from the assets to support Ukraine, while questioning whether there is a legal basis for outright confiscation.
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