The EU should use countermeasures to fully confiscate russian assets

The EU must take firm decisions against the aggressor country and use the instrument of countermeasures provided for by UN legal norms to seize and use all €300 billion of frozen russian state assets, not just the interest income from them, in the interests of protecting and rebuilding Ukraine.

This was stated in Strasbourg by Andrius Kubilius, MEP from Lithuania, member of the European People's Party political group, during a plenary hearing on ways to deal with frozen russian assets.

"Every day (of russian aggression - ed.) brings new destruction to Ukraine, the amount of which is already well over €400 billion. russia must pay in full for this damage. Ukraine's victory requires annual Western military support of up to €100 billion. According to European Commission Vice-President/High Representative Borrell, the measures against russian assets currently on the EU's table can generate about €3 billion annually," Kubilius said.

At the same time, he confirmed that frozen russian assets amount to about €300 billion.

"That is why the EU should use an internationally recognized countermeasure tool that will give member states the opportunity to seize all frozen assets, not just the profits they generate, and use them to rebuild Ukraine and its military needs," the European politician added.

According to Kubilius, the reference to the fact that such confiscation measures are prohibited by the international principle of legal immunity applicable to state assets is completely false, as the UN recommendations in the field of international law stipulate that states may use such a countermeasure in response to illegal international actions of another state, and the situation with russia's military aggression against Ukraine is exactly such a case.

Kubilius reminded that a similar mechanism was used by the United States against the state of Iran in 1991, as well as against the state of Iraq in 1992 to compensate for the damage caused to Kuwait. The same mechanism will be applied by the US Administration now, after the US Congress approved the confiscation of $20 billion of russian frozen assets.

"It's time for the EU to take firm decisions on countermeasures and confiscate all €300 billion of frozen russian assets," the MEP emphasized.

This proposal was supported by the majority of MEPs who took part in the discussion during the plenary session.

Source: Ukrinform