Time to confiscate, not just freeze, Russian assets – UK Foreign Minister
Photo: UK Foreign Minister David Lammy (Getty Images)
Europe must shift from freezing Russian assets to seizing them. This issue is being discussed, and action needs to be taken quickly, Reuters reports, citing UK Foreign Minister David Lammy.
"It's not an issue on which any government can act alone. We must act with European allies," Lammy said in Parliament.
UK Foreign Minister noted that this issue had been discussed among G7 countries and other international allies.
"Of course, Europe has to act quickly, and I believe we should move from freezing assets to seizing assets," Lammy added.
Western countries froze Russian assets after Russia's invasion of Ukraine in February 2022.
Most of these assets are located in Europe. In particular, the amount of frozen Russian assets held in the Euroclear depository (Belgium) totals €183 billion. From these funds, Ukraine will receive the next tranche of €2 billion in March 2025. In 2024, interest on the frozen assets amounted to approximately €6.9 billion
In addition, the G7 countries will use the future profits to fund a $50 billion loan to Ukraine. Kyiv has already begun receiving these funds. However, there is still no consensus in Europe regarding the confiscation of Russian money, with concerns about the potential impact on the EU's financial system.
