Yesterday, several press outlets stated that the EU Commission is under pressure by the US not to confiscate Russia’s assets. Politico also stated that EU countries don’t want to give Belgium legal guarantees in case of the potential legal repercussions to the confiscation of the assets.
Our diplomatic sources in Brussels could not confirm that there is disagreement by EU member states and they actually informed us that the EU Commission has not changed its plans to roll-out a new law to make use of Russia’s assets for reconstruction in Ukraine. Diplomatic sources in Brussels have informed us that there is wide-reaching agreement between EU member states to collectively shoulder any legal burdens about the confiscation of Russian assets, including with legal guarantees.
Yesterday, there was a flurry of panic in the press about stories that EU Commission was giving up on making use of Russia’s assets to fund Ukraine’s budget shortfall. There are suspicions that stories are being planted in order to disrupt an agreement by the EU Commission and EU member-states over the reparations loan. Belgium has been opposing the move but it is now calling for collective guarantees instead.
The European Central Bank has refused to offer guarantees citing that fiscal policy is not its mandate.
The EU Commission is scrambling to find a technical solution for the reparations-loan to Ukraine from Russian assets. The solution could have been easier if Russian assets were confiscated outright. The aim of the law is to ensure that the Russian assets are used legally without incurring expenses on the European taxpayer.
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