Plenković: The EC will consider legal options for the use of Russian property

Speaking after a meeting of EU leaders in Brussels, the Croatian Prime Minister said that over the next few weeks, the European Commission should consider the legal options for using frozen Russian assets for financial aid to Ukraine.

During the summit in Brussels, the leaders of the member states agreed to work to solve Ukraine's financial needs over the next two years, but did not explicitly support the use of Russian frozen assets for a reparation loan. As such a final decision on the matter was postponed until the next summit in December.

For his part Croatian Prime Minister Andrej Plenković said that the text of the conclusions on Ukraine, which were accepted by all members except Hungary, is a little less explicit compared to previous drafts, but that does not mean that the Commission was not ordered to continue working on it and prepare a concrete proposal for the European Council: “All aspects of support were considered in the years ahead economically, from support for the financial and economic lifeblood of Ukraine to the continuation of military aid. The options of using the so-called immobilized assets of the Russian Central Bank. No conclusions have been reached in this regard, but the European Commission is expected to consider legal options in the coming weeks to address this possibility, but in a way that would not lead to legal risks given the sensitivity of the topic.”

European Council President Antonio Costa said at a press conference that Ukraine will have the financial resources it needs to defend itself against Russian aggression: “First of all, no one vetoed. We discussed and made an important political decision on full financial support to Ukraine in 2026 and 2027. Many leaders had technical concerns that need to be resolved. The European Commission will deal with this so that we can make a final decision at the next European Council meeting in December. There is still work to be done on the technical, legal and financial aspects of European support, and we will return to this issue in December at the European Council.”

Costa added that the European Council has sent an important message: “The EU is committed to addressing Ukraine's urgent financial needs over the next two years, including support for its military and defense efforts.”

The assets of the Russian central bank are held by the Belgian company Euroclear, so the Belgian government fears that it could be held liable in the event of legal problems with the loan to Ukraine based on these funds. This prompted Belgian Prime Minister Bart De Wever to question the legal basis for such a move, noting that even during the Second World War, immobilized assets were not touched.

Source: HRT