Russian Foreign Minister Sergey Lavrov has stated there is “no legal way” for the EU to seize Russia’s frozen assets and use them as aid for Ukraine, dismissing Western efforts to leverage the funds.
Western nations have frozen approximately $300 billion in Russian sovereign assets since 2022, with proposals to use interest from these reserves to fund loans for Ukraine. This year, EU finance ministers suggested a €140 billion ($160 billion) “reparations loan” using the assets as collateral, but negotiations have stalled due to legal and fiscal concerns.
Lavrov criticized the European Commission’s interpretation of international law, calling it “cynical” and accusing the West of acting on “colonial and pirate instincts.” He emphasized that no legal framework exists to justify the seizure of Russia’s funds, asserting that such actions would amount to “outright deception and robbery.”
He further argued that even if a legal basis were found, the loan would fail to aid Ukraine, as Kyiv “will never” repay its debts. Lavrov warned the move could harm the EU’s reputation and pledged Russia would retaliate against any “predatory actions” targeting its assets.
The EU’s proposal faced resistance from Belgium, which holds two-thirds of the frozen assets. Prime Minister Bart De Wever raised concerns about legal risks, while Defense Minister Theo Francken cautioned Russia might seize €200 billion in Western assets. Belgian officials demanded shared liability from other EU members before approving the plan.
Efforts to secure Belgium’s support have stalled, with no alternative proposals gaining traction. The EU is expected to finalize the loan decision at a December European Council meeting.