EU lawmaker considers freezing of Russian assets as stealing

Date

10/26/2024 9:29:20 AM

(MENAFN) In a recent address at the European Parliament in Strasbourg, Slovak MEP Lubos Blaha criticized the freezing of Russian sovereign assets by Western nations, labeling the action as “theft” and “robbery.” Blaha’s comments come in light of the significant financial sanctions imposed on Russia since the escalation of the conflict in Ukraine over two years ago. According to estimates, approximately $300 billion in Russian state assets have been blocked, with a substantial portion—around €197 billion ($214 billion)—held at the Brussels-based clearinghouse Euroclear.

During the session, Blaha asserted that despite the justifications presented for these actions, the underlying reality is that this constitutes theft. He drew a parallel to past conflicts, questioning whether Europe would take similar actions against Israeli assets amid the ongoing violence in the region. “Europe didn’t steal American assets at the time of unjustified aggression against Iraq,” he pointed out, suggesting a double standard in the application of international financial ethics.

Blaha, who recently visited Moscow, called on EU lawmakers to exercise “common sense” and reconsider the bloc’s financial support to Ukraine. He argued that the resources allocated to military aid and financial support for Ukraine could instead be used to address pressing needs within European nations. “This is unfair to our own citizens,” he declared, urging a reevaluation of the current approach to the conflict.

His remarks coincided with the European Parliament’s decision to support a loan of up to €35 billion ($38 billion) for Ukraine, which will be backed by the frozen Russian assets as collateral. As of mid-July, these immobilized funds had generated an interest of €3.4 billion ($3.7 billion), underscoring the financial implications of the ongoing sanctions.

Blaha further emphasized that the resolution to Ukraine’s ongoing struggles lies in halting NATO expansion and addressing what he termed a growing Russophobia within European political discourse. He criticized the “militaristic and hateful statements” emerging from the Parliament, suggesting that they only serve to escalate tensions rather than promote peace and stability in the region.

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Publish date : 2024-10-26 02:29:00

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