Merz supports seizing Russian assets for Ukraine under one condition
German Chancellor Friedrich Merz (Getty Images)
German Chancellor Friedrich Merz supported the confiscation of frozen Russian assets in favor of Ukraine, but only if there is a clear legal basis for it, Zeit reports.
The head of the German government said in an interview with the publication that European leaders are ready to "use all available means" to force Russia toward peace while continuing to support Ukraine.
"Further sanctions in the energy sector, banking restrictions, additional measures concerning assets, and sanctions against individuals are being discussed. We are currently working on this together with our European partners," Merz noted.
According to the Chancellor, the possibility of using frozen Russian assets for the benefit of Ukraine is also being discussed.
"If we find a legal way to mobilize these funds, we will do it. However, we must take into account the risks such a step could pose to the European financial market," Merz explained.
Frozen Russian assets
After Russia launched its full-scale invasion of Ukraine in 2022, Western countries froze approximately $300 billion in assets belonging to the Central Bank of Russia.
The majority of these funds are held in the European Union, particularly in the Belgian financial center Euroclear. Other assets are located in the United States, Japan, and G7 countries.
These funds remain frozen, and G7 countries have repeatedly emphasized that they will not be unfrozen until Russia compensates Ukraine for the damage it has caused.
European leaders have expressed a desire to use the frozen Russian assets to support Ukraine, but they have yet to find a legally sound way to do so. Recently, French President Emmanuel Macron stated that the European Union cannot confiscate frozen Russian assets due to the lack of a legal framework.
At the same time, the EU has already begun using the profits generated from these assets. According to Prime Minister Denys Shmyhal, Ukraine has already received $1.13 billion under the ERA program. The funds were secured through income from the frozen assets.
Meanwhile, Belgium has announced its readiness to help create an international coalition to retain control over the frozen Russian assets.
