Europe at the crossroads: When frozen Russian billions will be transferred to Ukraine
It is about 190 billion euros that were blocked in the Belgian Depository of EuroClear after the start of a full -scale war in Ukraine. Most of the assets of the Central Bank of the Russian Federation are currently stored there.
According to the co -founder of the International Center for Victory of Ukraine and Members of the Board of Corruption of Elena Galushka, Ukrainian experts "in the Croupits" collect information about frozen assets of Russia, and already knows about the total volume of $ 300 billion, most of which were frozen in Belgium. She also told how the position in the European Union has changed to transfer these funds to Ukraine.
"We are now focusing on the assets of the Central Bank, which is about $ 300 billion that was frozen in the first days after the start of a full -scale invasion in G7 countries. At that time it was an unprecedented step. Then our partners made a decision fairly quickly. And this decision was actually cut off Most of the Russian resources, which otherwise they would take and send back to their economy and into a military machine, " - said Elena Galushka in Podcast CES" What is the Economy? ".
During the two years of the war, the frozen money of the aggressor made a profit of 3. 85 billion euros. The first payments can be 2-3 billion euros. According to FT sources, total profit (from Russian assets) by 2027 can reach EUR 20 billion. It is now expected that the EU management will make an appropriate proposal to transfer the funds of the Member States to Ukraine to Ukraine's assets to the leaders' summit in mid-March.
The President of the European Commission Ursula von der Lien has recently urged to use this money for military support, not to post -war restoration of Ukraine, as expected initially. During the two years of war, the frozen money of the aggressor made a profit of 3.
85 billion euros according to Elena Galushka, at the beginning the position of G7 was such that Russian assets would be frozen and mobilized by the end of the war, and after the war Ukraine should make a decision with these To do further. "In October 2023, this position changed to a much stronger. It was already stated that the assets will remain frozen until Russia pays reparations. In two years of a full -scale war, there is an understanding that Russia has harmed Ukraine for $ 486 billion.
We now persuade ours now The partners send these funds to Ukraine, ”the expert explained. Indeed, the variant with the transfer of all the blocked money of the Russian Central Bank was considered to be transferred to Ukraine, but the consensus was unable to reach the EU. Therefore, the European Commission has proposed a compromise option with only interest, ie the funds received from the posted assets of profit.
Initially, it was planned to send some of the money for the post -war restoration of Ukraine, but the emphasis shifted to military support due to the delay of US assistance in Kiev.
What is obvious to other countries for Ukraine is a legal precedent, to which they are afraid to go, trying to furnish the legal decisions of "last month von der Lyen put forward the idea of using profits for the purchase of weapons for Ukrainian forces, but this proposal is likely to meet opposition From the Member States, including Victor Orban Hungary, "Financial Times writes.
Meanwhile, Politico reported that Malta, Luxembourg and Hungary at the meeting of 27 EU countries on March 13 raised doubts about the use of income from Russian assets to purchase ammunition for Ukraine. According to Focus financial analyst Andriy Shevchyshyn, there are now a lot of legal issues regarding the transfer of Russian assets to Ukraine that still have no decision. "Our lawyers and lawyers are very active on this issue, but there is no solution.
We need to understand that the assets are scattered, they are not all in one place, in one country. The highest amount in Europeanar in Belgium. This issue is more legal and has political decoration What is obvious for Ukraine for other countries is a legal precedent that they are afraid to go, trying to furnish legal decisions. To freeze the funds with a general decision is one thing, but to use the other, "he said in a focus comment.
Recall that at the end of April 2022 the House of Representatives of the US Congress approved a bill that provides for confiscation of frozen assets of Russian sub -law and individuals. Then the withdrawn funds are proposed to be directed to provide additional military and humanitarian assistance to Ukraine. Subsequently, the European Union frozen 68 billion euros of Russian assets, according to the internal document of the European Commission.
In July 2023, it was reported that European Union leaders support plans that provide for the introduction of an unforeseen profit derived from frozen assets of the "Central Bank" of the Russian Federation with a sum of more than 200 billion euros to assist in the restoration of Ukraine. At the end of December 2023, the United States proposed the Seven Group (G7) for the confiscation of Russian assets for $ 300 billion.