Minister G. Skaistė: "Europe should actively participate in the discussion on the use of frozen russian assets for Ukraine"
Minister of Finance Gintarė Skaistė emphasizes that the European Union (EU) should show leadership in deciding on the use of frozen russian assets for the reconstruction of Ukraine. As Western partners begin to actively consider possible solutions to seize the frozen assets of the aggressor and use it for Ukraine's needs, the EU cannot remain only a passive observer. This is what the Minister told the international media today in Brussels, before the meeting of the Council of Finance Ministers of the European Union (EU) (ECOFIN).
"We should evaluate all legal options and make decisions regarding the use of frozen russian assets for Ukraine's needs. The first step in this direction is the European Commission's proposal on how to identify, separate and channel the profits from Russia's frozen assets for the needs of Ukraine. I believe that the decision will be made before the end of the second year of the war in Ukraine and we will be able to transfer funds to the attacked country as soon as possible. But this is far from the only step we need to take. We hear that our international partners, such as the USA and Canada, are actively discussing the possible seizure of frozen russian assets for the needs of Ukraine. Europe cannot be just a passive observer of the process, we should actively participate, agree on legal ways to use russian assets for the reconstruction of Ukraine. This would be not only a morally but also a pragmatically correct decision. The war is taking place in Europe, the largest share of russian frozen assets is also in Europe, so we cannot just remain passive observers," Minister G. Skaistė told the international media.
The Minister also noted that it is extremely important to reach a prompt agreement on the multi-annual EUR 50 billion support package for Ukraine. According to the Minister, if it is not possible to reach an operative consensus in the near future by including Hungary, which vetoes the decision, a prepared plan B is needed, within the framework of which the remaining 26 EU countries could immediately provide support to Ukraine, as otherwise Ukraine would face liquidity challenges that would hinder the resilience of its economy and its ability to fight against the aggressor.
Statement by Minister of Finance G. Skaistė to the media before the ECOFIN Council meeting in Brussels is available here.
Last updated: 07-02-2024
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