EU ought to preserve frozen Russian belongings till reparations paid even when US returns funds, commissioner says

The European Union shouldn't return frozen belongings to Russia except Moscow pays reparations to Ukraine even when the U.S. withdraws from the G7 initiative, EU Financial system and Commerce Commissioner Valdis Dombrovskis mentioned on March 20 in Kyiv.

"G7 choice that these belongings aren’t going again to Russia except Russia pays for its damages is one thing which is already determined. And it's necessary to stay with this choice," Dombrovskis informed journalists.

"I believe that gives necessary leverage with Russia."

The assertion comes after U.S. President Donald Trump's U-turn in Ukraine and EU coverage. Amid Trump's effort to finish Russia's battle in Ukraine, the potential easing of sanctions in opposition to Russia has been mentioned as a doable step.

Dombrovskis mentioned that if the U.S. decides to unilaterally withdraw from a number of the sanctions imposed on Russia, "it doesn’t imply that the EU has to robotically comply with this."

Western nations froze round $300 billion in Russian belongings after Moscow launched its full-scale invasion of Ukraine in February 2022, with roughly two-thirds held in Europe.

In October 2024, the Group of Seven (G7) agreed to offer Ukraine with practically $50 billion in loans backed by the income generated from frozen Russian belongings. Whereas Ukraine has acquired loans backed by the curiosity earned from these belongings, Kyiv has repeatedly referred to as for full confiscation to fund its protection and reconstruction.

The West has thus far been divided about whether or not to confiscate the belongings and hand them over to Ukraine.

In its assertion issued through the EU summit in Brussels on March 20, the European Council reiterated, citing the EU regulation, that Russia’s belongings "ought to stay immobilized" till Russia ceases its battle of aggression in opposition to Ukraine and compensates it for the harm attributable to this battle.

The EU Council additionally mentioned it is able to step up strain on Moscow, together with by means of additional sanctions.

$5.4 billion on ammunition for Ukraine ‘realistic’ goal, EU’s top diplomat saysThe EU is working on providing Ukraine with 5 billion euros ($5.4 billion) for ammunition, top EU diplomat Kaja Kallas said on March 20, as a much larger 40-billion-euro ($43 billion) package still lacks consensus.The Kyiv IndependentMartin Fornusek