The European Union has received a stark warning against confiscating £80billion in Russian assets, with a senior ally of Vladimir Putin describing the potential move as a "casus belli" in the eyes of the Kremlin.
Politician Dmitry Medvedev said Russia would deem the act a direct provocation, leading to "relevant implications" for the bloc. He said in a statement: "If the crazy European Union does, after all, try to steal Russian assets frozen in Belgium under the guise of a so-called 'reparations loan', Russia may well view this move as tantamount to a casus belli with all the relevant implications for Brussels and individual EU countries."
The European Commission's strategy involves raising approximately £80billion to support Ukraine by either seizing Russian assets or using the already frozen funds as collateral for borrowing. This represents the most substantial financial initiative of the conflict to date. It comes as one of Putin's allies warns the U.S. of a thermonuclear WW3 lasting 'no more than an hour'.
Ursula von der Leyen, the Commission's president, indicated the funds would account for two-thirds of Ukraine's financial requirements through 2027. She stated: "We are proposing to cover two-thirds of Ukraine's financing needs for the next two years. That's €90 billion. Since pressure is the only language the Kremlin responds to, we can also dial it up.", reports the Express.
At present, a minimum of £180billion in state and private Russian assets remain frozen in banks and clearing houses across the EU, funds that will not be released if the Commission proceeds with its proposal. The largest chunk of this, approximately £160 billion, is held in Euroclear in Belgi
However, the Belgian government has expressed its reluctance to send the money to Ukraine for fear of becoming legally liable for the entire sum.
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