Brussels – European Union officials are actively discussing the potential for seizing assets that have been frozen as a result of sanctions against Russia.

This matter has become a key focus at the Ecofin meeting of the Finance Ministers from the 27 EU member states in Brussels.

While consensus is still elusive, there is a noticeable decrease in hesitation among member states, suggesting a potential shift towards a decisive action.

Finland’s Deputy Prime Minister and Finance Minister, Riikka Purra, has advocated for a firm stance on the issue, stating, "At the moment, we need to go ahead and proceed by seizing frozen Russian assets in Europe." This approach aligns with a broader European intent to strengthen the negotiating position of Ukraine in any future discussions with Russia's leadership.

Austria's Finance Minister, Markus Marterbauer, has expressed cautious support for the initiative, noting that seizing Russian assets could represent a new strategy.

However, he cautioned that achieving a unanimous decision is crucial, expressing that "majority decisions should be avoided." The contrasting positions of France and Germany continue to pose challenges in reaching a consensus on this matter.

Poland, which currently holds the rotating presidency of the EU Council, has signaled its readiness to support the initiative.

Finance Minister Andrzej Domanski stated, "We must exert even more pressure on Russia." His remarks indicate that Poland could be amenable to unanimous agreement by the end of its presidency on June 30, provided that member states can reach a common stance.

Additionally, Poland plans to introduce new restrictive measures, reinforcing the perception that the sanctions are effectively weakening the Russian economy.

The conversation surrounding the potential use of frozen Russian assets is not new, nor are the underlying uncertainties faced by Europe.

Concerns persist that such actions may disrupt financial markets and investor confidence, which could impact the international appeal of the euro.

Christine Lagarde, President of the European Central Bank, raised these concerns during her discussions with the President of the European Council, Antonio Costa.

The necessity of attracting investment to finance the dual transition towards sustainability and boost the defense industry remains vital for the eurozone.

Amidst this backdrop, a growing consensus is forming in the European Parliament regarding the necessity of action.

Iratxe Garcia Perez, leader of the Socialist group, has urged European Commission President Ursula von der Leyen to propose a plan to seize approximately 200 billion euros of frozen Russian state assets.

The goal of this proposal includes utilizing the assets for the reconstruction and military support of Ukraine, further complicating the EU's narrative of maintaining peace in the region.