EU wants to use the Russian assets it has stolen to finance proxy-war in Ukraine

RT
Fri, 21 Oct 2022 15:26 UTC

EU leaders have instructed the European Commission to prepare proposals on ways of using frozen Russian assets to rebuild Ukraine, TASS news agency reported on Friday, quoting president of the European Council Charles Michel.

"We must look into the frozen assets and their possible use for the reconstruction of Ukraine and to help Ukraine", Michel said, as quoted by TASS, after EU leaders wrapped up a two-day summit in Brussels.

Comment: They're scrambling for funds for the 'reconstruction' of Ukraine, whilst the conflict is still ongoing? Then again, the EU is hardly going to admit that they need to steal these assets because even after raiding and bankrupting themselves they're still losing their proxy-war, and fast.

This issue might come up for discussion at an international conference on Ukraine that will take place next week in Germany, Michel added.

Legally, the frozen funds in the amount of over €300 billion ($292 billion) still belong to Russia or its citizens. In order to spend those assets, the EU needs to find a way of confiscating them.

European Commission President Ursula von der Leyen said the EU was looking to provide Ukraine with about €1.5 billion each month. The bloc's finance ministers have been tasked with pulling together the money.

The EU seized property belonging to Russian businessmen and companies, along with the assets of the Russian Central Bank, as part of sanctions against Moscow. The idea of using the funds in Ukraine was first put forward several months ago and was supported by politicians such as Ukrainian President Vladimir Zelensky, former UK prime minister Liz Truss, and president of the European Council Charles Michel.

Top US officials including Treasury Secretary Janet Yellen warned that using those funds in Ukraine could be illegal and would discourage other countries from investing in the United States.

Comment: Indeed, private foreign investors won't look to favourably on a finance industry that is prepared to steal their assets.

Russia strongly criticized the seizure of its assets by the Western nations, with Foreign Minister Sergey Lavrov saying the asset freeze essentially constitutes theft.

Comment: TASS reports that Austrian Chancellor Karl Nehammer cautions against such a move, unless it's 'approved by a court of law':

Austrian Chancellor Karl Nehammer believes that the decision to transfer frozen Russian assets to help Ukraine should be made in court, he said while talking to reporters after the EU summit in Brussels on Friday.

"Austria takes an unequivocal legal position. To confiscate assets is one thing and to use confiscated assets is another. This will require a court decision in some form. Europe has committed itself to the rule of law," the Chancellor said. He added that the Council of Ministers of Justice is discussing how to tackle the issue.

According to Nehammer, one should not abandon these principles "even when the aggressor violates the law."

"In order to use these assets for other purposes, a clear legal process is needed, best of all if a court decision allows this to be done," the politician said.

Nehammer noted that such a procedure would allow persons and entities whose assets were frozen to also participate in the process.

On Friday, head of the European Council Charles Michel said that the European Union should consider using Russia's frozen assets to help Ukraine. According to him, this issue may be raised at the international conference on assistance to Ukraine, which is to be held on October 25 in Germany.

Also check out SOTT radio's: NewsReal: Nuclear Armageddon?! Nah, But Likely Expansion of War Beyond Ukraine