"EU Considers Seizing Russian Assets
If Moscow Refuses to Pay Reparations"
The European Union (EU) is reportedly exploring ways to seize part of the $280 billion (approximately 403 trillion won) in Russian state assets frozen by the West.
On the 22nd (local time), Bloomberg News cited anonymous sources reporting that EU officials are considering a plan to use Russia's frozen assets as collateral for an international compensation commission that will decide on war reparations for Ukraine, and to seize the assets if Russia refuses to pay the reparations.
The Russian central bank assets frozen by EU member states, the Group of Seven (G7) countries, and Australia amount to about $280 billion. These are mainly held in securities or cash in the Euroclear account, a Belgian securities depository.
This move by the EU came after Ukrainian President Volodymyr Zelensky urged EU member state leaders to strengthen support for Ukraine amid expectations that U.S. President Donald Trump might reduce aid to Ukraine. Valdis Dombrovskis, the EU Commissioner for Economy, has previously stated that all possible measures to support Ukraine, including the confiscation of Russian central bank assets, should be considered.
Other options under discussion by EU officials reportedly include ordering member states to seize Russian state assets and using them as compensation for the destruction of Ukraine's energy infrastructure. The EU is said to be examining whether such measures can be justified under criminal law by member states, based on relevant decisions by the International Criminal Court (ICC) and the brutality of Russian attacks.
However, Bloomberg reported that some member states, including Germany and France, oppose the asset seizure plan due to concerns about legal and economic repercussions, as well as the potential impact of such extreme measures on the international role of the euro.
It was also pointed out that the seizure plan is complicated by the fact that the G7 has already provided Ukraine with $50 billion (approximately 72 trillion won) in loan support using income generated from the frozen Russian assets.
The EU Commission informed EU ambassadors that negotiations to establish the international compensation commission will begin on the 24th of next month.
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