The time to mobilize the returns generated by Russian financial assets frozen in Europe in order to arm Ukraine is approaching. Although the initial idea was to dedicate these unexpected profits to the reconstruction of the country, what Kyiv has been saying to the EU for some time has been taken into account (“Don’t send me electric generators because they are going to be destroyed, send weapons”), hence the an initiative advanced by the President of the European Commission, Ursula von der Leyen, recently before the European Parliament and later reaffirmed by German Chancellor Olaf Scholz.
The person responsible for the proposal, the high representative of Foreign and Security Policy of the EU, Josep Borrell, will propose today to the Council to transfer 90% of the returns from these funds to the European Peace Mechanism to be able to use them in the purchase of weapons. and ammunition for the benefit of Kyiv. The current legal interpretation of the EU treaties implies that the community budget cannot be used to acquire weapons, but this instrument is supported by national contributions, which is why the EU External Action Service (EEAS) proposes channeling it in this way. , considered the most expeditious to deliver military aid to Kyiv. The remaining 10% of the money will go to the European Commission budget and can be used for other activities.
“I hope that European leaders make a decision and send a clear message” about their determination to help Ukraine at the summit that begins tomorrow in Brussels, Borrell explained yesterday in a meeting with journalists at the EEAS headquarters while his services were doing the finishing touches. final to the documents that the ambassadors of the Twenty-seven will debate today and that will reach the table of the European Council on Thursday. The proposal requires the unanimity of the Twenty-Seven and Borrell admits that there is still not a total consensus between the governments.
“My response [to these doubts] is to stop talking about hypotheses and start talking about concrete proposals,” argues the high representative. Reservations are expected from countries such as Ireland, Austria and Slovakia, but especially from Hungary. It will not be easy to get the agreement of the Magyar Prime Minister, Viktor Orbán, who has put a damper on all the decisions taken to date by the EU to help Ukraine. The proposal is supported by the European Peace Fund, where the rule already applies that capitals can place limitations on the use made of their national contributions, which will allow Budapest to reaffirm its decision not to arm Kyiv.
Although the United States maintains pressure for the EU, where most of the Russian assets frozen as a result of the invasion of Ukraine are located, to go one step further and directly confiscate that money, some 191 billion euros, the Twenty-seven maintain that there is no legal basis for this and they will advance the plan launched in February, with the decision to legally separate the benefits generated by these funds. Appropriating the funds “is not on the agenda,” says Borrell, whose services have “fully” consulted the European Central Bank about the imminent proposal.
