New EU proposal on using Russian assets for Ukraine is closest to international law norms - Lagarde
Kyiv • UNN
ECB President Christine Lagarde stated that the new EU proposal on using frozen Russian assets to support Ukraine is the most compliant with international law. EU leaders are discussing the involvement of 210 billion euros of Russian sovereign assets frozen in Europe.
The latest version of the European Union's proposal for financial support to Ukraine is the closest to complying with international law. This was stated on Wednesday by the President of the European Central Bank, Christine Lagarde, Reuters reports, writes UNN.
Details
EU leaders have been discussing for months how to use frozen Russian assets to finance Ukraine while remaining within the bounds of international law, which prohibits direct confiscation.
Most leaders want to tap into about 210 billion euros ($244 billion) of Russian sovereign assets frozen in Europe, but this will likely require some guarantees for Belgium, where most of these funds are held.
The scheme that has been put together and that will be discussed at the next European Council meeting is… the closest to what is compliant with international law. It is our duty as Europeans to continue to support, defend and act in favor of Ukraine
Lagarde, who is not directly involved in the process, has long expressed concerns about the use of Russian assets and has stated that the ECB wants any decision to respect international law, otherwise the global reputation of the euro could suffer.
This is a very, very exceptional case, and it does not deprive Russia of ownership of the assets
She also noted that the EU must explain what is happening and make it clear that the bloc is not engaging in the practice of confiscating sovereign assets simply because it is in its interest.
Recall
EU countries intend to accelerate the decision on immobilizing up to 210 billion euros of Russian sovereign assets. This will allow bypassing Hungarian Prime Minister Viktor Orbán before next week's summit.