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Putin has some success in fight over frozen Russian assets in Europe, Zelenskyy says
President of Ukraine Volodymyr Zelenskyy said that Russian dictator Vladimir Putin has had "some success" in the fight over Russia’s frozen assets in Europe.
As reported by Censor.NET, Zelenskyy said this during his speech at the World Economic Forum in Davos.
Putin is still at large
Zelenskyy stressed that Russian dictator Vladimir Putin is not only still at large for the war he unleashed against Ukraine, but is also fighting for his frozen funds in Europe.
Russia’s frozen assets
"And you know what? He has had some success. It’s true. It is Putin who is trying to decide how the frozen Russian assets should be used. Not those who have the power to punish him for this war," the president stressed.
What is known about the "reparations loan" for Ukraine
- As a reminder, at a meeting in October, EU leaders postponed a decision on the use of frozen Russian assets as collateral for a so-called "reparations loan" to Ukraine in the amount of €140 billion ($163 billion). EU leaders plan to return to discussing this issue at a meeting on 18-19 December.
- Belgium, where the lion's share of these funds is held, opposed the European Commission's proposed plan to use frozen Russian assets at the meeting of EU leaders. The country fears legal and financial sanctions from Moscow and wants other EU countries to share these risks.
- Earlier, European Commission President Ursula von der Leyen proposed using frozen Russian assets as collateral for providing Ukraine with "reparation loans". Formally, Russian assets subject to sanctions will not be confiscated, but Ukraine will repay such loans only after Russia pays reparations.
- In response, Russian dictator Putin signed a decree that effectively allows for the accelerated expropriation of assets belonging to Western companies that have not yet left Russia.
- According to various estimates, the European Union's "reparation loan" to Ukraine, secured by Russian assets, could amount to €130-140 billion. Its final size will be determined after the International Monetary Fund assesses Ukraine's financing needs in 2026 and 2027.
- In total, Euroclear has accumulated more than €175 billion in cash from frozen Russian assets, which could be used to secure a new loan. But before the EU agrees to grant a reparations loan, it will want to repay the G7 loan to Ukraine of €45 billion ($50 billion) agreed last year, which was to be repaid from the proceeds of frozen Russian assets.
