The Strategist

Bloomberg: EU countries urge not to rush to use frozen Russian assets

11/10/2023 - 02:16

According to Bloomberg, major European Union (EU) countries such as France, Germany, Italy, and Belgium are "cautious" about accelerating efforts to use earnings from Russia's frozen assets overseas. They claim that the European Commission (EC) is set on making a definitive judgment by the end of the year.

European Parliament
European Parliament
Several EU countries advised the EC during a secret meeting on Wednesday, November 8, that they "favor a more gradual approach." They want to start with a non-legislative document to limit down the alternatives and guarantee that "the formula for the use of profits from frozen Russian assets is legally sound and does not jeopardize financial stability." According to Bloomberg's sources, France proposed this plan, which was supported by an "overwhelming majority" of countries.

In turn, the EC emphasized the importance of presenting a legal mechanism for the use of Russian assets in the next weeks. The French government, on the other hand, is worried that the plan must be finalized "to make it legally sound," and movement on this problem is expected by the end of the year, according to agency sources.

Bloomberg's sources note that European diplomatic chief Josep Borrell is also "wary" of hastening work to create means to use Russia's frozen assets. Mr. Borrell's spokesman declined to respond. The EC has not responded to the information provided by the agency.


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