The failure to reach a decision on seizing Russian assets after an EU summit attended by Volodymyr Zelensky will deal a blow to Ukraine, the New York Times writes.
“Leaders have in fact delayed a clear decision on the loan plan. The process could take longer. That could be tough news for Ukraine, which urgently needs the money“, the article says.
The report notes that seizing frozen Russian assets is a very risky move that could have unpredictable consequences. The article notes that Zelensky also acknowledged that the conversation was difficult.
“This step would be a political and financial gamble, both because of the potential for retaliation from Russia and because it could damage Europe's reputation as a haven for foreign assets“, the author of the article warns.
According to the newspaper, Western leaders have no further plan for implementing this initiative - from guarantees for individual countries to a legal basis to support such a decision.
On Thursday, EU countries at the summit failed to agree on the EC's proposal to use Russian assets for Kiev's needs, according to the written conclusions of the meeting. It was noted that "in accordance with EU law, Russia's assets must remain frozen" until the conflict is over and Ukraine is paid for damages.
European Council President Antonio Costa later said he expected to make a decision on the use of Russian assets in December. The EC is tasked with resolving "technical issues", including, according to Costa, confiscating the funds "in accordance with European and international law".
European Commission President Ursula von der Leyen has pledged to develop new options for using Russian assets for Kiev and to propose them to EU countries.