Poland, Sweden, the Netherlands and Spain called on the European Union to return to usage about €210 billion of frozen assets of the Russian central bank for Ukraine on 27 August. For Poland, this means trying to charge the aggressor with war costs alternatively of shifting more bills to European taxpayers.
Four countries address a call to Brussels
The joint letter was prepared by Sweden and supported by Poland, the Netherlands and Spain. The paper went to advanced typical of the European Union for abroad Affairs and safety Policy Kai Kallas and Minister of abroad Affairs of Ireland Helen McEntee. Ireland is presently holding the rotating Presidency of the Council of the EU.
Signatories want European Commission experts to make fresh opportunities to usage Russian assets for Ukraine. The legal and financial risks would be spread among the associate States, without disproportionate liability on 1 country. The Commission has announced that it will examine the letter and is ready to supply method assistance.
Ukrainian abroad Minister Andrij Sybiha thanked the Heads of Diplomacy for this initiative. The appeal fits into more force on Moscow. The day before that Radosław Sikorski spoke about the conditions for future negotiations with Russia, indicating that the talks make sense only at the Kremlin's real readiness for peace.
Frozen €210 billion inactive not working fully
Around €210 billion of assets of the Central Bank of Russia stay immobilised in the European Union. The majority are located in Belgium, where the Euroclear Depositary operates. The Union already uses the extraordinary gross generated by these measures, but the chief capital remains frozen.
Official summary of the Council of the European Union reports that 95 % of extraordinary gross is directed towards a support mechanics Ukraine to repay EU and G7 loans and 5% to the European Peace Facility. This solution is cautious, but far from full exploiting the scale of Russian assets.
The dispute has been about legal hazard for months. Belgium is afraid of Moscow's lawsuits and retaliation, due to the fact that it is in its territory that the main deposit of funds is located. Prime Minister Bart De Wever demanded full hazard sharing between EU countries. Euroclear himself warned against the effects on investor confidence, and the Central Bank of Russia brought a suit against the depositary.
These reservations must not be disregarded, but they cannot service as a convenient alibi for idleness. Russia started a war and destroyed the Ukrainian state. The rule is simple: the cost of aggression should be borne by the aggressor, not Polish families through further common obligations and taxes.
EUR 90 billion debt does not close the case
The Union has already approved a debt to Ukraine of EUR 90 billion for the period 2026–2027. Of this, €30 billion is foreseen for economical support and €60 billion for military needs. In accordance with the decision of the EU Council, the debt is to be repaid from the reparations due to Ukraine from Russia. Until then, however, the burden of backing is based on EU debt guaranteed by the EU budget.
It matters to Poland. Ukraine's aid serves our security, due to the fact that the Ukrainian army binds Russian forces distant from the Polish border. However, all financial decision must take into account the Polish interest, the ability of its own army and the state of public finances. Payments of the next billions to Ukraine should besides translate into the safety of Poland, for example through contracts in the Polish defence manufacture and transparent conditions of spending funds.
Russia should pay and Poland must keep an eye on the conditions
The joint appeal of the 4 countries is moving in the right direction. Brussels should present a solution in accordance with global law, resistant to lawsuits and clearly separating responsibility. This cannot be a mechanics in which EU institutions decide and the hazard without control falls on national budgets.
The Polish government should support the usage of Russian funds, but powerfully negociate guarantees for our country. It is at stake to aid Ukraine effectively, to reduce the burden on Poles and to show Kremlin that the attack cannot be financially impunityless.
Source: Bankier.pl, Euronews, Council of the European Union
Source: Bankier.pl
