At a meeting of EU leaders on Wednesday, German Chancellor Olaf Scholz reacted sharply to Polish President Andrzej Duda's proposal to confiscate Russia's frozen assets and use them to support Ukraine. This was reported by UNN with reference to FT.
Details
The amount of frozen Russian assets proposed to be confiscated reaches 260 billion euros.
Duda supported this idea, which is popular among the United States and the United Kingdom, but its opponents remain Germany, France, and Italy.
“You don't understand how this will affect the stability of our financial markets,” Scholz said, addressing Duda.
He also said that Poland does not even use the euro.
It should be noted that despite this, the idea of confiscating Russian assets remains central to the debate on financing Ukraine's recovery. Not only Poland, but also other Eastern European countries support the proposal. At the same time, France and Germany emphasize the legal and economic risks of such a step.
European leaders recognize that asset confiscation can be a crucial financial resource for Ukraine. However, as the discussions have shown, there is no consensus on how to use these funds and ensure the stability of the European economy.
The issue of frozen assets is closely linked to other issues, from military guarantees for Ukraine to internal political challenges in the EU. Germany, facing economic difficulties and preparations for federal elections, has so far taken a cautious stance. France has also not actively supported confiscation, focusing instead on political consultations.
However, Ukrainian diplomats emphasize that using Russian funds to rebuild the country is a fair and necessary step. As the United States faces difficulties in approving a new $60 billion aid package, European responsibility for financial support for Ukraine is becoming increasingly clear.
Trump and support for Ukraine
According to the sources, the main topic of discussion was maintaining support for Ukraine in the face of a possible change in US policy after the inauguration of Donald Trump.
Ukraine and its allies in Europe are in a critical phase. Trump has repeatedly stated that he would end the war “in a day,” and his policies could force Ukraine to make an unfavorable peace or lose Western support. Meanwhile, Russia is in no hurry to reach a settlement.
Despite their doubts about Trump, European leaders see opportunities to influence his position. However, as the dispute between Scholz and Duda showed, there is no consensus among Europeans themselves on approaches to increasing financial and military assistance to Kyiv or on the conditions for future peace.
Finnish President Alexander Stubb describes the situation as a “Yalta or Helsinki moment,” referring to the historic conferences that defined the postwar world order. He emphasizes that Ukraine must decide its own future, and Europe cannot make decisions over Kyiv's head.
Meetings and consultations, such as French President Emmanuel Macron's talks with Trump, demonstrate Europe's willingness to offer its own ideas. Macron urged Trump to strengthen Ukraine's position before the talks, emphasizing the geopolitical consequences for the United States in case of failure.
Despite their differences, most EU countries, with the exception of Hungary and Slovakia, remain committed to supporting Ukraine. But there is no concrete plan for security guarantees or military assistance. Some European leaders, including those in Estonia and France, have suggested that the deployment of troops be considered as a security guarantee, but the idea is not widely supported due to lack of resources and political sensitivity.
European diplomats recognize that a successful settlement is possible only with the participation of the United States. However, many believe that a NATO guarantee for Ukraine would be the most effective solution, although Trump is unlikely to support such a step in order not to provoke the Kremlin.
Amid the growing challenges, President Zelenskyy has been promoting a “victory plan,” emphasizing the importance of maintaining the support of allies. European leaders, meanwhile, are trying to find a balance between helping Ukraine and ensuring their own stability, as the stakes are extremely high - not only for Ukraine's future, but also for the long-term security of the whole of Europe.