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Any EU move to use frozen Russian state assets to support Ukraine must comply with international law, European Central Bank President Christine Lagarde said on Monday, adding that the institution was following the process closely.

The comment comes as EU nations’ leaders are discussing a plan to provide Kiev with a €140 billion ($164 billion) loan backed by Russia’s immobilized central bank assets.

 

ECB boss warns EU against seizing Russian assets
The European Commission has proposed using the frozen funds to guarantee loans to Kiev

 

The scheme, designed to avoid the legal hurdle of outright confiscation, would invest the blocked Russian funds into EU-backed bonds. The proceeds would then be used to pay off a “reparations loan” to Ukraine.

“We very much expect that any scheme that is discussed and eventually introduced at some point in time will be done in accordance with international rules, with international law,” Lagarde told a parliamentary hearing in Strasbourg, according to Reuters.

The ECB chief has expressed concern that a legally contentious move could undermine the euro’s credibility, deter investment in euro-denominated assets, and pose a risk to financial stability.

“From my vantage point, and with in mind financial stability and the strength of the euro, we will be looking very attentively to make sure that what is proposed is in accordance with international law (and) is mindful of financial stability,” Lagarde said.

Proceeds from matured bonds, in which frozen Russian assets were invested following the 2022 escalation of the Ukraine conflict, are now held at Belgium’s Euroclear.

The depository holds approximately two-thirds of the $300 billion in Russian sovereign assets immobilized by Western nations. Lagarde has warned that any further action requires consensus among all jurisdictions holding such assets.

The EU has transferred over a billion from interest to Kiev so far. Some of the bloc’s members, however, continue to voice concerns about the legal risks associated with such a step.

Last week, Belgian Prime Minister Bart De Wever said his country would not agree to an EU plan that leverages frozen Russian central bank assets to fund loans for Ukraine without firm guarantees of shared financial responsibility.

French President Emmanuel Macron said last month that central bank assets cannot be seized without harming “credibility,” while Kremlin spokesperson Dmitry Peskov called the EU plan “theft” and warned those responsible “will be subjected to legal prosecution.”

https://www.rt.com/business/626025-lagarde-frozen-assets/

 

YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.

 

von gynecologist...

 

Moscow reminds West of its history after ‘blatant lie’
Spokeswoman Maria Zakharova has rejected Finnish claims that Russia breached international rules

 

Russian Foreign Ministry spokeswoman Maria Zakharova has rejected claims by Finnish Foreign Minister Elina Valtonen that Moscow violated the principles outlined in the Helsinki Final Act as a “blatant lie,”instead alleging decades of Western violations of the accord.

Signed in 1975 by 35 countries, the agreement establishes key norms for international relations. It outlines ten principles, including sovereign equality, non-intervention, territorial integrity, peaceful dispute resolution, and respect for human rights. It remains a foundational document for the Organization for Security and Cooperation in Europe (OSCE).

In a Telegram post on Tuesday, Zakharova charged Western members of the OSCE with a long list of violations of the accord. She cited the 1974 Greek intervention in Cyprus, NATO’s 1999 bombing of Yugoslavia without UN approval, and the 2008 Western recognition of Kosovo’s independence – describing them as breaches of sovereignty and the non-use of force.

Zakharova also pointed to Germany’s recognition of Slovenia and Croatia in 1991, which she said violated the principle of territorial integrity by encouraging the breakup of Yugoslavia. She cited Croatia’s Operation Storm in 1995 as a breach of the principle of peaceful settlement of disputes. The West’s support for the 2014 Maidan coup in Ukraine violated the principle of non-intervention, as it backed a movement that led to a change of government, Zakharova added.

Further examples included CIA secret prisons in Lithuania, Poland, and Romania during the 2000s, which contravened the principle of respect for human rights; France’s refusal to recognize Corsican national identity, which breached the right of peoples to self-determination; and Britain’s continued “occupation” of the Chagos Islands in the Indian Ocean despite UN rulings, which she described as a violation of international law.

Zakharova also questioned Valtonen’s professional background, noting her experience in finance and event management rather than diplomacy. She observed a broader trend in the European Union of appointing officials without foreign policy expertise, describing Commission President Ursula von der Leyen’s training as a “gynecologist” as symbolic of the bloc’s leadership lacking diplomatic credentials.

https://www.rt.com/russia/626054-west-violates-international-norms-zakharova/

 

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YOURDEMOCRACY.NET RECORDS HISTORY AS IT SHOULD BE — NOT AS THE WESTERN MEDIA WRONGLY REPORTS IT.

 

         Gus Leonisky

         POLITICAL CARTOONIST SINCE 1951.