Russia's Frozen Assets Should Be Used To Arm Ukraine, Says European Commission President

The European Commission President Ursula von der Leyen has suggested using Russia’s frozen assets to provide military support to Ukraine, which is grappling with a severe ammunition shortage due to Russia’s military aggression.

What Happened: In a speech to the European Parliament on Thursday, von der Leyen proposed using the over $300 billion in Russian reserves, which have been frozen by Western nations in response to Moscow’s invasion of Ukraine two years ago, to purchase essential military equipment for Ukraine, reported Business Insider. This recommendation follows recent calls to allocate these frozen assets to Kyiv, especially as Western financial aid to Ukraine has been dwindling.

The European Union (EU) approved a $54 billion budget for Ukraine last month, but this decision was met with opposition. Meanwhile, internal political disputes in the U.S. have delayed further aid. As the conflict in Ukraine intensifies, the country’s ammunition stockpile is rapidly depleting.

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Despite the potential benefits of using these frozen assets, there is a lack of consensus among the Group of Seven (G7) leaders. Proposals to seize the frozen reserves in their entirety have raised concerns about legal and financial implications.

Why It Matters: The proposal to use Russia’s frozen assets to arm Ukraine comes amid heightened global tensions due to Russia’s military actions. The U.S. has been actively working to disrupt Russia’s financial flows, as seen in a recent move to warn global banks of potential sanctions, which has significantly impacted financial transactions between Russia and other countries.

Additionally, the U.S. and the U.K. have been engaging in high-level discussions to address potential security threats posed by Russia amid their simultaneous elections. Meanwhile, Russia has warned of a decline in global trust in major Western currencies due to the potential seizure of its frozen assets, which could have significant implications for the global financial system.

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