«Russia is very afraid that the EU will make a decision on the use of frozen assets, it can give us the chance to win and not just defend ourselves». Ukrainian President Volodymyr Zelensky said this at a press conference in Brussels. “Today we are closer to using these assets, in one way or another, I hope they make this political decision today, it is a big decision,” he said, underlining that he foresees three tranches for the expenditure of the funds, in Ukraine, in Europe and in the USA.
EU leader towards Commission’s approval for Russian assets proposal
According to what we understand, EU leaders are preparing to grant the European Commission the political mandate this evening – with the support of 26 countries and without the support of Hungary – to draw up the legal proposal on the use of frozen Russian assets to support Ukraine. However, Belgium’s position remains prudent, bound by precise legal guarantees. Today’s objective – according to what we learn – is to obtain the political mandate that will allow a formal text to be put on the table in December. The green light is expected late in the evening after discussions also with ECB President Christine Lagarde. Belgian Prime Minister Bart De Wever insists on including in the summit conclusions some clarifications on the functioning of the guarantee mechanism, asking for a realistic timetable and guarantees that Belgium – which holds the main share of frozen Russian assets through Euroclear – is not exposed to legal risks. Once the governments’ mandate has been obtained, Brussels will be able to begin the technical and legal work and present a proposal by the next EU summit on 18 December.