The European Union is considering grabbing more than $200 billion in frozen Russian assets and using the war chest as a bargaining chip in the Ukraine war peace talks after being left out of the table by President Trump.
The controversial move could see the Brussels-based financial institution Euroclear use the incredible sum of money to either push Russia to halt its invasion or even fund Ukraine’s defense efforts, as several EU officials have suggested.
“We can replace US support if the US is still going to decide not to support Ukraine anymore,” Estonian Foreign Minister Margus Tsahkna said during a conference on Monday.
Between $200 to $300 billion worth of Russian central bank assets have remained frozen by the EU and G7 nations following the Kremlin’s invasion in 2022, with the Euroclear holding the vast majority of the money.
“If they [Russia] definitely want to get the money back, then they have to give something in return for it,” an EU diplomat familiar with the talks told Politico.
Many Baltic nations that border Russia and fear their country may be the next to get invaded have repeatedly called on seizing the frozen funds to arm Ukraine, the legality of which remains unclear.
The EU’s biggest states, including France, Germany and Italy, have all been against the plan — with French President Emmanuel Macron echoing his misgivings during a meeting with Trump on Monday.
Macron insisted that seizing the assets would be illegal, but said the funds could still be used as leverage to force Russia to make concessions during the peace negotiations.
“It’s part of the negotiation at the end of the war,” he told reporters.
European Commission President Ursula von der Leyen also declined the use of the assets, but she has previously said the EU should be open to using the interest earned from the frozen accounts to assist Ukraine.
Other European leaders have also suggested that the frozen assets be used to cover part of the estimated $500 billion it would take to rebuild Ukraine have three years of intense war
“Many are against unfreezing because they see this as money for reconstruction,” another diplomat told Politico.
Moscow, which has repeatedly condemned the EU’s freezing of its money, has reportedly been open to using the assets to fund reconstruction of the regions Moscow has taken over.
With Post wires