The EU Fiddles While Kyiv Burns
Time is running out on Ukraine’s finances, and none of the reasons behind the bloc’s inaction stand up to scrutiny
Two months after pledging to shape a legal framework that would give Ukraine the interest earned on frozen Russian assets, the EU still hasn’t taken the necessary steps to make this a reality. And time is running out on Ukraine’s finances.
At their June Summit in Apulia, Italy, G7 leaders — including European Commission President von der Leyen — promised to provide Ukraine a vital lifeline: “We decided to make available approximately $50 billion leveraging the extraordinary revenues of the immobilized Russian sovereign assets … by the end of the year.”
This was the main decision G7 leaders made at their summit. And to enable it, the EU was to adopt a law prolonging the freezing of sovereign Russian assets until Moscow had paid for its war against Ukraine in full. This would guarantee the frozen assets would continue to be available to produce the interest needed in order to repay the $50 billion advanced to Ukraine.
The decision itself was a creative compromise. The U.S., Canada and the U.K. would have preferred seizing not just the interest but all $300 billion as well. However, in the absence of consensus, this solution was approved by heads of state and government.
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