A new trump card: the EU will not confiscate frozen Russian assets

The European Union has stopped the discussion on the confiscation of frozen Russian assets. This is reported by DW❶ with reference to the text of the conclusions of the EU summit on March 20, available to the publication.

"In accordance with EU legislation, Russian assets must remain immobilized until Russia stops its aggressive war against Ukraine and compensates it for the damage caused by this war," reads the text adopted by the leaders of the EU countries without changes, quoted by DW❶ Main.

It is noted that several EU countries spoke out against the confiscation of more than 200 billion euros of sovereign Russian assets, arguing their position with the legislation of the Union, the danger of such a precedent for European competitiveness in the financial services market, the need to support Ukraine on interest from frozen funds, as well as the fact that these assets are a card in peace negotiations and a lever of influence on Russia.

"We're starting to think about the endgame on Ukraine, about peace talks, a ceasefire, a peace agreement that can be signed either in 3 months or in 3 years. And people are beginning to understand that having these assets may be more important than confiscating them without knowing what to do with them," a European diplomat said on the eve of the summit.

At the same time, Brussels is ready to further increase pressure on Russia, including by imposing additional sanctions and strengthening control over compliance with measures already taken, in order to weaken its ability to wage war against Ukraine, the document emphasizes.

❶An organization performing the functions of a foreign agent