"Europeans are seething over US President Donald Trump's suggestion that billions in Russian assets frozen in European countries may be used to the benefit of the US government and firms. After a Trump proposal on how to end Russia's war in Ukraine that called on Ukraine to give up territory and reduce the size of its armed forces, Europeans rushed to damage control and have now floated a counter offer."
"In 2022, when Russia invaded Ukraine, nearly 300 billion euros of its assets were lying outside Russia and were frozen as a result of western sanctions. These assets include bank accounts, securities, real estate and yachts. While many countries hold these assets, including the United States, Canada, the UK and Japan, the largest chunk lies in EU member countries, and the largest of all in Belgium. Euroclear, a Brussels based financial depository, holds roughly 180 billion in frozen Russian assets."
""Every day with input it changes," Secretary of State Marco Rubio said after meeting the Europeans on the sidelines of the G20 summit in Geneva. But it is unclear if they will succeed in retaining control over how Russian frozen assets are spent. Agathe Demarais, a senior policy fellow for geoeconomics at the ECFR, said billions in Russian assets appear to be Trump's key motivation in pushing for a deal. "Trump is extremely keen to get the billions," she told DW."
US President Donald Trump suggested that billions in Russian assets frozen in European countries could be used to benefit the US government and firms. His proposal followed a plan urging Ukraine to cede territory and reduce its armed forces, prompting European officials to pursue damage control and offer a counterproposal. European diplomats met around the G20 summit but face uncertainty over retaining control of frozen assets. Nearly €300 billion in Russian assets were frozen after the 2022 invasion, with roughly €180 billion held at Euroclear in Belgium. Belgium resisted an EU "reparations loan" over legal liability and potential repayment risks.
Read at www.dw.com
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