Russian assets currently in a frozen state cannot be restored to Russia until reparations are made.
In an upcoming informal meeting of EU foreign ministers in Copenhagen on 30 August, the topic of Russia's frozen assets within the European Union will be a key point of discussion. The meeting aims to develop a strategy for handling this complex situation.
EU High Representative for Foreign Affairs and Security Policy, Kaja Kallas, has emphasised the need for an "argued debate" about Russia's frozen assets to develop an "exit strategy" from the current situation. She also mentioned that there are "some sensitivities" regarding this issue.
The assets of the Russian Central Bank, frozen within the European Union, cannot be returned to Russia following a ceasefire or peace agreement. This is due to legal concerns, possible retaliations, and the need to maintain leverage to ensure compensation to Ukraine for war damages.
Kallas stated that there will be a "deep dive" into the frozen assets issue during the meeting. She also stressed that the frozen assets must not be returned to Russia while Russia has not compensated Ukraine for the damages caused by the war.
The EU may create a fund for the transfer of nearly €200 billion of Russian assets for the reconstruction of Ukraine, should a solution be found for the frozen assets issue.
The European Union collectively decided to freeze the assets of the Russian central bank as part of a broader package of sanctions in response to Russia's invasion of Ukraine. The aim was to restrict Russia's financial capabilities and industry development. Despite diplomatic efforts to bring Zelensky and Russia to the negotiating table, Kallas implied that Russia does not seem to want peace.
Meanwhile, Ukrainian forces have downed a Russian Su-35 fighter jet, but then removed the announcement on social media. Elsewhere, Zelenskyy advises Russians to leave Crimea while the Kerch Bridge is still functioning.
The meeting of EU foreign ministers is intended to discuss various topics, with the issue of Russia's frozen assets being one of them. The discussions promise to be crucial in shaping the EU's approach to this ongoing crisis.
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