Heavyweight joins: four EU countries already against plan for frozen Russian assets for Ukraine - Politico

Italy, along with two other countries, supports Belgium in opposing the EU's plan to send Ukraine 210 billion euros of frozen Russian state assets – now four countries are calling on the European Commission to explore alternative options, Politico reports, citing an internal document, writes UNN.

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"Rome's intervention, the EU's third-largest country by population and votes, less than a week before a crucial meeting of EU leaders in Brussels, undermines the European Commission's hopes of finalizing an agreement on the plan," the publication states.

The European Commission insists that EU member states reach an agreement at the European Council summit on December 18-19 so that billions of euros from Russian reserves held at the Euroclear bank in Belgium can be released to support Kyiv's war-torn economy.

The Belgian government is holding back amid fears that it will have to repay the full amount if Russia manages to get the money back, but "so far it lacks a heavyweight ally ahead of the December summit," the publication writes.

Now Italy has shaken the diplomatic dynamic by developing a document with Belgium, Malta, and Bulgaria, calling on the European Commission to explore alternative options for using Russian assets to keep Ukraine afloat in the coming years.

The four countries stated that they "invite the European Commission and the Council of the EU to continue exploring and discussing alternative options in accordance with EU law and international law, with predictable parameters that present significantly lower risks, to meet Ukraine's financial needs, based on an EU credit line or transitional solutions."

The four countries are referring to a "plan B" to issue joint EU debt to finance Ukraine in the coming years.

However, this idea, as stated, has its problems. Critics note that it will exacerbate the high debt burden of Italy and France and requires unanimity, which means it can be vetoed by Hungarian Prime Minister Viktor Orbán, who supports the Kremlin, the publication writes.

"The four countries, even if joined by pro-Kremlin Hungary and Slovakia, will not be able to create a blocking minority, but their public criticism undermines the European Commission's hopes of reaching a political agreement next week," the publication states.

Although Italy's right-wing Prime Minister Giorgia Meloni has always supported sanctions against Russia, the government coalition she leads is divided on supporting Ukraine, the publication notes.

The country's far-right Deputy Prime Minister Matteo Salvini has taken a Russia-friendly stance and supported US President Donald Trump's plan to end the war in Ukraine.

EU decides to indefinitely freeze Russian assets12.12.25, 20:15 • 38389 views

Expressing additional criticism, "the four countries expressed skepticism that the European Commission is using emergency powers to revise existing sanctions rules and keep frozen Russian assets in the long term."

Despite voting for this step to maintain EU unity, they said they feared further use of Russian assets themselves.

"This vote in no way implies a decision on the possible use of frozen Russian assets, which must be taken at the level of leaders," the four countries wrote.

The legal mechanism for long-term freezing aims to reduce the likelihood that pro-Kremlin European countries such as Hungary and Slovakia will return frozen funds to Russia.

Officials argue that this workaround undermines the Kremlin's chances of unfreezing assets as part of a post-war peace settlement, and therefore strengthens the EU's separate plan to use these funds.

However, the four countries wrote that the legal provision "implies very far-reaching legal, financial, procedural, and institutional consequences that may extend far beyond this specific case."