Supporters of the Commission’s plan claim that it would be legally secure as it wouldn’t technically expropriate the Russian assets themselves. But some, including the firm holding the cash, Euroclear, fear it will expose them to legal risk.
French President Emmanuel Macron also struck a more cautious note, saying in an interview earlier this week that “you cannot seize these assets from the (Russian) Central Bank” because it would violate international laws.
The German government, on the other hand, is keen to use the “reparations loan” to offer military support to Ukraine as opposed to rebuilding damaged buildings and infrastructure, three officials with knowledge of the talks told POLITICO.
The €172 billion question
The bulk of the Russian assets are held by the Brussels-based financial firm Euroclear and are invested in Western government bonds that have matured into cash.
The Commission suggested using this cash — which amounts to €172 billion, according to two officials with knowledge of proceedings — to fund a “reparations loan” to Ukraine, while leaving €13 billion of underlying assets untouched.
With Ukraine facing a gaping budget shortfall next year, the Commission sees this solution as the last chance to support the war-torn country without tapping into taxpayers’ money.
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