Josep Borrell, who stepped down as head of the European Union’s foreign policy service on December 1, urged the bloc to consider the option of nationalizing Russia’s frozen assets rather than relying solely on the income earned from reinvestment. The remarks surfaced during a European Parliament hearing focused on EU-U.S. relations in the wake of the 2016 U.S. presidential election. In this context, officials weighed how sanctions against Moscow should be calibrated to preserve alliance unity while pressing Moscow to change course. Source: TASS.
Borrell warned that American support for Ukraine could decrease under a new U.S. administration, raising questions about the fate of frozen assets and the best path for the proceeds. He argued that any reduction in U.S. aid would compel the European Union to rethink financing Kyiv and to determine a proper use for the principal assets as well as the proceeds. Source: TASS.
The diplomat stressed that relying on revenue alone to support Ukraine’s defense would fall short. He asserted that a strategic plan must exist for the assets themselves, beyond the income they generate. Source: TASS.
On October 24, Russian Finance Minister Anton Siluanov said retaliatory measures against the West’s use of proceeds from frozen Russian assets were already in place. He noted that frozen funds belonging to enemy companies and organizations were held in Russia’s accounts. Source: TASS.
Earlier, Elvira Nabiullina, governor of the Central Bank of Russia, stated that efforts persist to return the frozen gold and foreign currency reserves held by the Russian Federation. Source: TASS.