Countries aligned with Russia are urging the European Union to refrain from any plans to seize Moscow’s state assets, according to a report by Politico.
“Representatives from China, Saudi Arabia, and Indonesia are actively lobbying the EU to maintain its stance against pressure from the US and the UK to confiscate over 200 billion euros of Russian state assets, which have been frozen since the invasion of Ukraine in February 2022,” the publication notes.
“These countries harbour significant doubts about the feasibility of such an initiative,” commented one official. “They fear it would establish a dangerous precedent.”
Essentially, they worry that they could be the next targets for asset confiscation.
Currently, any proposals to confiscate frozen Russian assets by European nations and utilise these funds to aid Ukraine have been deferred.
Western European countries, in particular, are vehemently opposed, citing concerns over potential legal ramifications and the risk of destabilising the eurozone.
Nevertheless, with Washington and London maintaining a firm stance on the matter and the issue scheduled for discussion at the upcoming G7 finance ministers’ meeting, countries not viewing Vladimir Putin as an adversary are taking proactive measures.
They have observed the EU’s introduction of a more constrained proposal regarding the utilisation of income generated from asset investments, estimated at around 2.5-3 billion euros annually, with 90% of these funds earmarked for the purchase of arms for Ukraine.
This dynamic could also impact the motivations of countries applying pressure. Beyond concerns about establishing a precedent, some may align with Putin’s interests and oppose EU assistance to Ukraine on the battlefield.
“I would concede that the Russians may have orchestrated this outcry among their allies,” remarked a senior diplomat from a non-EU country.
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