Ukraine‘s President Volodymyr Zelenskyy attended a critical European Union leaders’ summit in Brussels, Belgium, where discussions focused on the contentious topic of using frozen Russian assets to support his country amidst ongoing conflict. As Ukraine continues to face significant financial challenges due to the war, EU leaders are grappling with the implications of tapping into an estimated $127 billion in assets held by Western companies in Russia.
The summit played out against a backdrop of increased tensions. In response, Russia threatened any countries that use its state assets with “the most severe” retribution. In turn, Russian President Vladimir Putin denounced the EU’s schemes, calling them “piracy” and “highway robbery.” He threatened to confiscate any remaining Western assets in Russia if the bloc continues with its plan.
In his address, Zelenskyy emphatically reiterated the need for immediate action. He cautioned that failing to come to a consensus on how these frozen assets should be used would lead to a “huge issue” for Ukraine. His comments highlighted the urgent need for this support as Russian aggression continues without mercy.
“I very much hope we can obtain a positive decision. Without it, there will be a big problem for [Ukraine],” – Volodymyr Zelenskyy
Arriving at the summit, European Council President António Costa showed the EU’s commitment to Ukraine is still strong. He said that peace is never free, underscoring the need to continue supporting Ukraine, particularly in these early daunting stages.
“Peace is not cheap. It is priceless.” – European Council president António Costa
The discussions underscored worries from Belgium about possible legal fallout. Belgium’s Prime Minister Bart de Wever reacted with alarm at any drafts that risked leaving Belgium vulnerable to Russian threats. Moreover, he fought for ironclad assurances that would spread risks between EU member states.
“Moscow has let us know that … Belgium and I personally will feel the effect [of seizing Russian assets] for eternity,” – Bart De Wever
De Wever’s statements reveal a deeper anxiety among many European leaders of what the consequences would be if that decision was ever made. He compared EU agreement to a leap of faith and stressed the importance of togetherness among the countries of the EU.
“We need a parachute before we jump. If we are asked to jump, we all jump together,” – Bart De Wever
The continued war has had damaging economic impacts. Despite this pressure and all of these international sanctions, over 2,000 foreign firms remain actively engaged in Russia. Since its February 2022 invasion of Ukraine, Moscow has robbed foreign companies of billions. The measures are aimed at securing the legal basis for nationalization of foreign assets.
Discussions on using frozen Russian assets have persisted throughout Europe. At the same time, support for Ukraine is needed more than ever. EU leaders recognize that their approach will not only affect Ukraine’s immediate needs but set a precedent for future international relations and economic dealings.