EU's Kallas Warns: Frozen Russian Funds Will Leave Nothing Behind
Kaja Kallas expressed skepticism regarding the remaining amount of Moscow’s funds that have been frozen by the bloc, stating that she doubts “there is anything left over” as Brussels aims to assist Ukraine. Read Full Article at RT.com
TroibNews 
The European Union’s chief diplomat, Kaja Kallas, has voiced skepticism regarding the possibility of Russia reclaiming its sovereign assets that have been frozen under sanctions related to the Ukraine conflict.
In a recent interview with PMG, Kallas acknowledged that Russia holds a “legitimate claim” to the assets that the West has immobilized since the intensified conflict in Ukraine began in 2022. Nonetheless, she emphasized that the bloc should prioritize using these funds for Ukraine’s reconstruction before returning any remaining assets.
“But I doubt there is anything left over,” she remarked. It was unclear whether her comments referred to the assets themselves or the interest that has accumulated.
Kallas, who succeeded Josep Borrell as the EU’s foreign policy chief on December 1, is an advocate for stricter sanctions against Russia and is recognized for her firm stance on the issue.
Since 2022, the US and its allies have frozen approximately $300 billion of assets belonging to the Russian central bank. Predominantly, about €197 billion of these funds is held at the Euroclear clearinghouse in Brussels, which has accrued €5.15 billion in interest during the first three quarters of the fiscal year.
This year, the European Commission decided to allocate some of this interest to Ukraine. In July, €1.5 billion was designated for Kiev, primarily for military support, as the first portion of aid. In an October press release, Euroclear noted it had completed a first transfer of around €1.55 billion to the European Fund for Ukraine in July, with a second payment of approximately €1.9 billion anticipated next spring.
Additionally, the G7 nations agreed in June to provide a $50 billion aid package to Ukraine, funded by revenues from the frozen Russian central bank assets. The EU and US have both committed to contributing $35 billion and $20 billion, respectively, to this initiative.
Russia has continuously accused Western nations of unlawfully seizing its funds. On Tuesday, Deputy Foreign Minister Sergey Ryabkov referred to the recent $20 billion transfer to Ukraine as “a robbery organized by the G7.” Meanwhile, Finance Minister Anton Siluanov indicated last month that Russia would seek to utilize income from the frozen assets of Western investors in retaliation against actions taken by the US and EU.
Jessica Kline contributed to this report for TROIB News
In a recent interview with PMG, Kallas acknowledged that Russia holds a “legitimate claim” to the assets that the West has immobilized since the intensified conflict in Ukraine began in 2022. Nonetheless, she emphasized that the bloc should prioritize using these funds for Ukraine’s reconstruction before returning any remaining assets.
“But I doubt there is anything left over,” she remarked. It was unclear whether her comments referred to the assets themselves or the interest that has accumulated.
Kallas, who succeeded Josep Borrell as the EU’s foreign policy chief on December 1, is an advocate for stricter sanctions against Russia and is recognized for her firm stance on the issue.
Since 2022, the US and its allies have frozen approximately $300 billion of assets belonging to the Russian central bank. Predominantly, about €197 billion of these funds is held at the Euroclear clearinghouse in Brussels, which has accrued €5.15 billion in interest during the first three quarters of the fiscal year.
This year, the European Commission decided to allocate some of this interest to Ukraine. In July, €1.5 billion was designated for Kiev, primarily for military support, as the first portion of aid. In an October press release, Euroclear noted it had completed a first transfer of around €1.55 billion to the European Fund for Ukraine in July, with a second payment of approximately €1.9 billion anticipated next spring.
Additionally, the G7 nations agreed in June to provide a $50 billion aid package to Ukraine, funded by revenues from the frozen Russian central bank assets. The EU and US have both committed to contributing $35 billion and $20 billion, respectively, to this initiative.
Russia has continuously accused Western nations of unlawfully seizing its funds. On Tuesday, Deputy Foreign Minister Sergey Ryabkov referred to the recent $20 billion transfer to Ukraine as “a robbery organized by the G7.” Meanwhile, Finance Minister Anton Siluanov indicated last month that Russia would seek to utilize income from the frozen assets of Western investors in retaliation against actions taken by the US and EU.
Jessica Kline contributed to this report for TROIB News
