Berlin (Brussels Morning Newspaper) – German Finance Minister Lars Klingbeil stated on Thursday that Germany is looking for an EU agreement on the use of frozen Russian assets and will bring up the matter at today’s Eurogroup meeting in Brussels.
Maintaining financial and military support for Ukraine was a major topic of discussion, according to Klingbeil, who spoke at a joint news conference with Chancellor Friedrich Merz and prominent coalition figures following their meeting Wednesday night at the Chancellery.
“I am very grateful to the chancellor for bringing the Europeans together right now and ensuring that we in Europe have a strong voice. I consider that absolutely crucial in this decisive phase of the war,”
Klingbeil said.
“We were united yesterday on how we can continue our support for Ukraine.”
How will Germany push this plan at the Eurogroup meeting?
According to Klingbeil, EU finance ministers and high-ranking officials will discuss Chancellor Merz’s proposal to use immobilised Russian assets to bolster Ukraine’s military today, along with the recent plan from the European Commission.
“I will be in Brussels today for the Eurogroup and Ecofin meetings, where this will be a major topic. Yesterday, we agreed that Germany wants to be a driving force on this matter—that we want to find a solution and explore ways to maintain financial support for Ukraine,”
he said.
In September, Chancellor Merz and the German government first suggested using frozen Russian assets to aid Ukraine. They also stated that they are open to an initiative by the European Union to do so.
What concerns has Belgium raised about the asset proposal?
Belgium, which is home to Euroclear, the EU’s primary depository for frozen Russian assets, has voiced concerns about the plan, believing it may be subject to legal challenges and financial liability on its own.
In order to mitigate potential financial and legal risks and better safeguard Euroclear, the Belgian government has insisted on a number of modifications to the EU Commission’s initial proposal.
How could Russia respond to an EU asset seizure move?
Dmitry Medvedev, the deputy chairman of Russia’s Security Council, said that Moscow might consider the European Union’s seizure of frozen Russian assets to be akin to a war justification.
“If the crazy European Union does, after all, try to steal Russian assets frozen in Belgium under the guise of a so-called ‘reparations loan’, Russia may well view this move as tantamount to a casus belli with all the relevant implications for Brussels and individual EU countries,”
Medvedev said.
