News Feed

No consensus among EU states on giving frozen Russian assets to Ukraine, Tusk says

2 min read
No consensus among EU states on giving frozen Russian assets to Ukraine, Tusk says
Donald Tusk, the leader of the Civic Coalition, is speaking during a press conference in Warsaw, Poland, on Nov. 21, 2023. (Andrzej Iwanczuk/NurPhoto via Getty Images)

The EU does not have a united stance on giving Ukraine frozen Russian assets, Polish Prime Minister Donald Tusk said on March 2 at a London summit focused on Ukraine.

Western nations froze $300 billion in Russian assets at the onset of Russia's full-scale invasion of Ukraine in February 2022. Ukraine has only received loans covered by interest earned from the frozen assets.

"Everyone understands it would be best to transfer these funds for the purpose of defense and reconstruction of Ukraine," Tusk said.

The freeze on Russian assets in the EU is due to expire in June. Tusk called for the EU to extend the sanctions against Russian assets amid fears of opposition from Hungary which has repeatedly clashed with the EU over implementing sanctions against Russia.

"We need to focus on extending the sanctions, because they are working," Tusk said.

The EU must maintain sanctions against Russia. Sanctions are contributing to Russian economic and financial weakness, Tusk added.

"There are fears of negative consequences for the euro and the banking system," the leader said.

Europe is sitting on Russia’s $198 billion. Giving it all to Ukraine is tricky
Europe has been left scrambling to find ways to boost defense spending and continue the flow of support to Ukraine after U.S. President Donald Trump made clear the continent won’t be able to rely on Washington for its long-term security needs. The latest reports suggest that EU officials are
Article image

Poland is calling for other EU member states to support transferring Russian assets to Ukraine but does not have a decisive voice as it is not part of the eurozone, Tusk added.

Currently, interest earned on frozen Russian assets is being used to help Ukraine in its fight against Russian aggression, the leader said.

Leadership in Hungary and Slovakia have spread pro-Russian narratives on many occasions and have repeatedly opposed support for Ukraine from the EU.

Hungarian Prime Minister Viktor Orban urged EU leaders to abandon a joint statement in support of Ukraine ahead of a summit on March 6.

Ukraine war latest: Europe developing ‘coalition of the willing’ to back ceasefire in Ukraine, Starmer says
Key developments on March 1 - 2: * Europe developing ‘coalition of the willing’ to back ceasefire in Ukraine, Starmer says * UK to provide $2.8 billion loan to Ukraine backed by frozen Russian assets * Macron, Starmer working to pacify Zelensky-Trump relations ’because what is at stake is too im…
Article image
Avatar
Volodymyr Ivanyshyn

News Editor

Volodymyr Ivanyshyn is a news editor for The Kyiv Independent. He is pursuing an Honors Bachelor of Arts at the University of Toronto, majoring in political science with a minor in anthropology and human geography. Volodymyr holds a Certificate in Business Fundamentals from Rotman Commerce at the University of Toronto. He previously completed an internship with The Kyiv Independent.

Read more
News Feed
 (Updated:  )

Ukraine's National Security and Defense Council has imposed a moratorium on business inspections by state authorities, President Volodymyr Zelensky announced on July 21, calling the move essential for the country's economic security.

Show More