The European Union is not considering returning Russia’s frozen assets until Moscow pays reparations for its war against Ukraine, EU foreign policy chief Kaja Kallas said ahead of a meeting of EU foreign ministers in Copenhagen on Saturday, August 30.
“We cannot imagine that, in the event of a ceasefire or a peace agreement, these assets would be returned to Russia if it does not pay reparations,” Kallas said. According to the EU, about €210 billion in Russian assets have been frozen across the bloc under sanctions.
Ukraine and several EU countries, including Poland and the Baltic states, are pushing to confiscate those funds and channel them to support Kyiv. But leading EU members France and Germany, as well as Belgium - where most of the assets are held - oppose such moves.
They note the EU has already earmarked future profits from these assets to offset assistance to Ukraine and question whether there is a legal basis for outright confiscation. Diplomats say the debate in the EU is gradually shifting toward how exactly the funds could be used once the fighting ends.
EU foreign ministers are meeting Saturday in Copenhagen to discuss further sanctions on Russia and to formulate a stance on Israel amid the humanitarian catastrophe in the Gaza Strip.
At the informal gathering - so-called “Gymnich” format - Germany is represented by Foreign Minister Johann Wadephul. The format takes its name from Gymnich Castle near Cologne, which hosted a similar unofficial meeting more than 50 years ago.
A joint press conference by Danish Foreign Minister Lars Løkke Rasmussen and the EU’s top diplomat, Kaja Kallas, is scheduled after the talks.
