EU Commission and Nordic nations support confiscating Russia's frozen assets — The Guardian
Photo: Northern Europe and the EC supported the confiscation of frozen Russian assets (Getty Images)
Leaders of Northern European countries and the European Commission support a plan to use frozen Russian assets to finance Ukraine, The Guardian reports.
"The proposal is to take these cash balances to give a loan to Ukraine that Ukraine has to pay back if Russia pays reparations. And therefore it’s legally a sound proposal, not trivial, but a sound proposal," says European Commission President Ursula von der Leyen.
According to her, the European Council has asked about potential options for the technical issues that we have, so we will come up with something.
"We’re in for the long haul. We are ready to cover the financing needs of Ukraine, so that we are standing by Ukraine for as long as it takes," she adds.
Demonstrating unity, Swedish Prime Minister Ulf Kristersson, his Danish counterpart Mette Frederiksen, and Finnish Prime Minister Petteri Orpo supported the head of the European Commission, saying they strongly agree with the commission's proposal.
Orpo even adds that he was optimistic that leaders would be able to resolve legal issues regarding the use of frozen assets and find a solution with Belgium at the European Council meeting in December.
Background
Ukraine's international partners continue to look for ways to cover the state budget deficit for next year. One of the key options is to create a reparation loan that would allow frozen Russian assets to be used for the benefit of Ukraine.
At the same time, the European Union has postponed a final decision on the use of these assets. The final discussion of the issue is scheduled for December.
The delay does not pose any critical risks for Ukraine, as the state's financial needs for 2025 have already been secured.
Despite the postponement, EU leaders stressed that they remain committed to supporting Ukraine and will continue to provide the necessary resources to strengthen its defense capabilities and counter Russian aggression.
