The European Commission has proposed using the frozen funds to guarantee loans to Kiev<\/p>\n
Italian Prime Minister Giorgia Meloni has called on the EU to increase pressure on Moscow but cautioned the bloc to respect international law in any plan to use frozen Russian assets.
\nMeloni made the remarks during an Italian Senate address on Wednesday ahead of the European Council summit in Brussels.
\nWestern countries blocked an estimated $300 billion of Moscow\u2019s funds after the escalation of the Ukraine conflict in February 2022, some \u20ac200 billion ($213 billion) of which is held by the Brussels-based clearinghouse, Euroclear. They have already tapped into the revenues generated by the assets to bankroll Kiev. Russia has described those steps as \u201ctheft\u201d and vowed retaliation.
\nThe European Commission has proposed using proceeds from around \u20ac210 billion in frozen assets held in the EU to guarantee loans to Ukraine in 2026 and 2027. The plan comes as US military aid declines and EU budgets tighten.<\/p>\n
Read more<\/p>\n
EU and UK \u2018developing measures\u2019 to give Russian assets to Ukraine<\/p>\n
\u201cWe believe, and we are not the only ones, that it is necessary to respect international rules and the principle of legality,\u201d Meloni said, adding that the bloc must safeguard \u201cthe financial and monetary stability of our economies and the euro area.\u201d
\nShe said Italian troops would not set foot in Ukraine but said it was necessary to \u201cincrease pressure on Moscow.\u201d The Kremlin has made clear it would not accept any foreign military presence in Ukraine as part of a peace settlement.
\nThe confiscation of sovereign assets is prohibited under international law, a rule many EU capitals, the European Central Bank, and the International Monetary Bank insist cannot be breached. Belgium has asked for guarantees that it will not be left to deal with Moscow alone if the money ever has to be returned.
\nMoscow has condemned the asset freeze and any attempt to repurpose the funds. Russian Finance Minister Anton Siluanov has warned that Moscow would respond in kind.
\nPresident Vladimir Putin said last month that \u201csmarter\u201d governments oppose the seizure of Russian assets, as \u201cthey understand that it would fundamentally undermine all principles of international economic activity and, without a doubt, cause enormous harm to the… international financial system.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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