Europe is worried about the impact of point number 14 of Trump’s plan. This component proposes to transfer part of Russian assets immobilized in the United States and the Kremlin to finance various projects. This scenario is considered unthinkable by the majority of member capitals. Entrusting some of these funds to Washington, or worse, returning them directly to Russia, would be tantamount to removing the main force of European strategic pressure on Moscow. These shockwaves are getting stronger as the EU is negotiating to secure multi-annual funding for Ukraine, to prevent Kyiv from experiencing a resource shortage in the next two years.
France’s position is clear. Emmanuel Macron, the French president, emphatically stated: it is “for Europeans to decide” from the use of these Russian assets. America’s proposals are not limited to mere strategic disputes. This is similar to efforts to apply external sanctions to the sanctions system that the EU considers an attribute of its economic sovereignty.
210 billion euros: traction amidst legal insecurity
The total amount of frozen assets amounts to 210 billion euros. These are funds belonging to the Russian Central Bank, which have not moved since the invasion of Ukraine in February 2022.
For most EU countries whose public finances are under pressure, the option of relying on such funds, as studied by the European Commission, is by far the most attractive and least expensive solution from a budgetary point of view. Germany, the Baltic countries, Scandinavian countries, Poland and the Netherlands are making every effort to get the European Union to move quickly to address this problem. Polish Prime Minister Donald Tusk also expressed hope for a quick compromise so that these resources could be mobilized to help Ukraine.
However, this operation is unprecedented and raises huge legal questions. It was this viewpoint that sparked great reluctance in Belgium, the country that holds most of these assets.
Belgium maintains its blockade in the face of threats of retaliation from Russia
Belgium’s position remains firm, despite the publication of Donald Trump’s plans. Belgium’s Prime Minister, Bart De Wever, expressed a major and persistent fear: that his country would be the only one to bear the consequences if anything went wrong and would likely be hit by retaliation from Russia. This retaliation can take the form of legal action or targeted economic retaliation.
This Belgian resistance is a major point of institutional dispute in Brussels. A European diplomat has also confirmed that the American proposal has been approved “increasing pressure to find a deal” very.
Despite the optimism shown by Donald Tusk, who stated that this did not happen “It is not a final decision yet, because several European countries still have doubts”Belgium, contacted by AFP, confirmed this “worry” and it ” position “ remains unchanged for now.
The capitals of European countries now have a short time of three weeks. They should try to rally Belgium to support projects using such assets, or, alternatively, identify other forms of sustainable funding for Ukraine. A political deadline was set for the summit in mid-December.
