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London, 25 February 2025 – The United Kingdom has called on European countries to take a decisive step and move from freezing to confiscating Russian assets. British Foreign Secretary David Lammy said such a decision was necessary in a speech to Parliament, stressing the importance of a united position among European countries.
“Europe must act quickly. It’s time to move from freezing assets to confiscating them,”Lemmy said. He stressed that no country can act alone in this matter and that a coordinated solution is needed together with European partners and members of the Group of Seven (G7).
Europe is preparing for confiscation: what is being discussed in Brussels?
According to Politico, the European Union is actively considering the possibility of confiscating frozen Russian assets. According to the sources, Brussels began to seriously discuss this option after information about informal talks between the US and Russia on a possible end to the war in Ukraine without the participation of Kyiv and the EU.
Until now, the EU has only allowed interest from frozen Russian assets to be used to support Ukraine, but the assets themselves have remained untouched. However, the confiscation of assets could be a radical step that would significantly strengthen the EU’s position at the table of future peace talks.
“These assets are Europe’s secret weapon,” Politico notes.
“Their confiscation would give the EU a stronger negotiating position.”
🇪🇺 EU split: who is for and who is against?
The idea of confiscating Russian assets has caused controversy among EU member states. Some states fully support this decision, while others fear the legal and economic consequences.
They support confiscation:
– 🇪🇪 Estonia
– 🇱🇻 Latvia
– 🇱🇹 Lithuania
– 🇵🇱 Poland
– 🇨🇿 Czech Republic
– 🇪🇺 Head of European Diplomacy Kaja Kallas
They are against it:
– 🇫🇷 France
– 🇩🇪 Germany
– 🇮🇹 Italy
– 🇪🇸 Spain
– 🇪🇺 President of the European Commission Ursula von der Leyen
Opponents of confiscation fear that such a move could set legal precedents and complicate the EU’s financial relations with other countries.
How many assets are blocked?
Around 260 billion euros of Russian assets have been frozen worldwide, most of which are located in Europe:
– 🇪🇺 The European Union – about 210 billion euros
– 🇺🇸 USA – approximately $5 billion
The largest volume of assets is held in the Belgian depository Euroclear – about EUR 183 billion.
In January 2024, the EU decided to allow the use of profits from frozen assets to support Ukraine. Kyiv has already received several billion euros from these proceeds to rebuild its infrastructure and economy.
What does asset confiscation mean for Ukraine?
The confiscation of frozen Russian assets will open up new financial opportunities for Ukraine to restore and strengthen its defence capabilities. According to various estimates, the full seizure of assets could provide Ukraine with up to €200 billion to rebuild its infrastructure, support its economy and strengthen its army.
The Ukrainian government has long called on its allies to take this step. “The frozen assets should be used to rebuild war-torn Ukraine, ” Ukrainian officials have repeatedly stated.
What are the implications for the world?
Experts note that the confiscation of Russian assets will be an unprecedented step in international law. It could affect global financial markets, set new legal precedents and change the rules of the game for aggressor countries in the future.
“The confiscation of Russian assets is not only a matter of finance, but also of the principles of international law. It will demonstrate that aggression will not go unpunished,” said the British international relations analyst.
What’s next?
Key discussions on this issue are expected to take place in the EU in the coming weeks. If the decision on confiscation is made, it will be one of the strongest financial blows to Russia since the beginning of the war.
The UK is already calling on its European partners to take decisive action. “We have to act together and show the world that aggression will have real consequences,” said David Lammy.
Will the confiscation of Russian assets be a new turning point in the war? The answer to this question will be revealed soon.
