War

One thousand three hundred and seventeenth day. Most EU countries supported the plan to transfer frozen Russian assets to Ukraine

Since February 24, 2022, Meduza has been broadcasting live about the Russian-Ukrainian war. We publish your letters in our daily materials because we are sure that we need to continue talking about the war. How do you feel about the ongoing war? How is it affecting you personally right now? How has your attitude to what is happening, to Russia, to Ukraine, to the world changed over these three years of war? Find the feedback form at the end of this article. A review of the previous day can be read here .

World

EU leaders at the summit in Copenhagen, as Reuters writes, supported the European Commission's plan to use Russian assets frozen in the Euroclear depository to help Ukraine.

The plan, which is now in the early stages of development, was proposed several weeks ago. It does not provide for direct expropriation of assets - instead, the EU will provide Ukraine with a loan of 140 billion euros, secured by these funds.

According to the plan, Ukraine will have to repay the loan only after the war ends and Russia agrees to compensate for the damage caused. After this, the European Commission will return the money to Euroclear, and the Russian Federation will be able to use it again. Since this scheme does not formally provide for confiscation, it theoretically does not conflict with international law prohibiting the expropriation of sovereign assets.

Although the plan was generally supported by the leaders of most EU countries, some remain skeptical. First of all, this is Belgium, where Euroclear is located, as well as its neighbors France and Luxembourg.

Belgian Prime Minister Bart de Wever said shortly after the meeting in Copenhagen that he had asked other EU leaders to provide legal guarantees that all EU countries would share possible financial risks in the event of potential lawsuits or other actions from Russia - without which Belgium would not agree to withdraw the money. “There is no such thing as free money. There are always consequences,” de Wever explained his demands.

He also said that he wants complete clarity: where and how much Russian money is in other European countries. As Reuters reminds, the authorities of EU states are hiding the presence of Russian assets. According to the European Parliament, in addition to Belgium, from five to 20 billion can be stored in Luxembourg, and another 19 billion in France.

Luxembourg Prime Minister Luc Fidén also stressed after the meeting in Copenhagen that what is happening is a “complex legal issue” because “you cannot just seize assets belonging to another state.” “First I would like to get answers to a number of questions. Among other things, how will this loan be repaid? And what happens if Russia does not pay reparations under the peace treaty?” - he said.

About 170 billion euros are frozen on the Euroclear site. Their confiscation and transfer to Ukraine has been discussed since the very beginning of a full-scale war. By 2024, the discussion had all but died out due to fears among Europe's largest countries, including France and Germany, that it would set a dangerous precedent and undermine investor confidence in the euro. Instead, it was decided to send to Ukraine the profits that are generated by investing assets and do not directly affect Russian funds.

With Donald Trump back in the White House—and amid dwindling American support for Ukraine—European authorities have returned to discussing the idea of ​​confiscation to ease the financial burden on their own national budgets.

The Russian authorities constantly remind us of the illegality of the seizure of funds and threaten legal action. Bloomberg, citing sources close to the Russian government, wrote yesterday that Moscow is developing a plan in case the assets are confiscated. According to the agency, the Russian authorities may, as part of the new privatization mechanism, nationalize and quickly sell off the assets of foreign companies remaining in Russia.

War through the eyes of Meduza readers

How we choose letters

Meduza's readers live in different countries and have different attitudes towards the war. We publish your letters to see this event through your eyes. Our editors try to present all points of view, even if they do not coincide with the editorial position. However, in accordance with the Meduza code, we do not publish messages that contain “hate speech,” justify the murder of civilians, or express direct support for an aggressive war.

Rina . My close relatives live in Ukraine—my sister and her family. I remember the horror of the first day: I woke up at night and my daughter called me. And then I didn’t fall asleep anymore, I turned on the TV, and then: “I made a decision.” I frantically call my mother: “Mom, it’s war.” [I call] my sister - she doesn’t answer, I call again - she doesn’t answer. Then we didn’t sleep for two weeks, took turns on duty with my mother, devouring all the news. Our people are alive, but the morning, as before, does not begin with coffee.

I am disgusted by everyone who supported this war, who went to the front. A manager I know at work was called up: he was already a mature man, had a lot of illnesses, spent time in the hospital, returned to civilian life - his call was declared illegal. The process lasted a long time, they connected all the connections so that he would not end up at the front. And now this man’s wife sews panties for soldiers and weaves camouflage nets. And I can’t wrap my head around: how is this possible? She saved her own, but creates conditions for death for others?

I boil when my friends tell me that they didn’t sleep all night and drones were flying. And when you ask: “Why did this happen? What happened suddenly? - cannot connect cause and effect. I cut off all ties with those who in any way supported this war. I'm not sorry, I hate these cannibalistic sentiments, this bloodthirstiness. But I don’t believe in a quick world. I would like to, but I don’t believe it.

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