this post was submitted on 08 May 2024

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141

EU agrees €3B raid on Russian assets to buy weapons for Ukraine (www.politico.eu)

submitted 6 months ago by [email protected] to c/[email protected]

15 comments fedilink hide all child comments

Late concession by Belgium paved way for deal on using profits to buy ammo for Kyiv’s war effort.

The EU approved a plan to use the profits generated by investing frozen Russian assets to buy weapons for Ukraine.

Ambassadors meeting in Brussels on Wednesday gave the go-ahead after Belgium signaled a climbdown on the way it treats tax revenue on the cash — the last major obstacle to deal.

The profits generated by investing Russia’s assets immobilized in Belgium— where a large part of the assets frozen in Europe are kept — are worth between €2.5 billion and €3 billion per year.

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[–] [email protected] 24 points 6 months ago (3 children)

I wish for more money but every bit counts.

[–] [email protected] 4 points 6 months ago

Gotta start somewhere. Hopefully this opens up the floodgates.

[+] [email protected] -18 points 6 months ago* (last edited 6 months ago) (5 children)

It's a very dangerous game to play as this signals that investing in the Western monetary system means that your money can be used as a political weapon at any time. It takes away all the credibility of our banking system. Not just for Russia but also for China etc.

That was also the reason that until now we only froze the Russian assets and didn't seize them. And it seems like this is only a seize of yearly profits, not of the actual assets.

[–] [email protected] 21 points 6 months ago (1 children)

Not just for Russia but also for China etc

Good, everyone should know that Europe doesn't fuck around with Countries that commit war crimes

[–] [email protected] 3 points 6 months ago* (last edited 6 months ago) (1 children)

Good one dude

[–] [email protected] 4 points 6 months ago* (last edited 6 months ago) (1 children)

Give them time. They have baggage and jumping too soon could be problematic.

Good pic choice for your reply.

[–] [email protected] 0 points 6 months ago* (last edited 6 months ago)

The major underlying issue here is that it is not about war crimes as you stated. In fact war crimes have absolutely nothing to do with this as proven with a single image.

It is about using money as a weapon.

[–] [email protected] 3 points 6 months ago* (last edited 6 months ago) (1 children)

I mean, freezing, doing anything other then leaving it alone does that to some degree.

My bigger concern is that l'd rather Russia's funds be used for reconstruction.

I think that it will be easier to get political support for weapons in grant form than for reconstruction. Ukraine's going to need both.

[–] [email protected] 1 points 6 months ago

Houses for people to return to and safe drinking water don't advance strategic goals*.

*actually they do if you want stability & peace but those aren't the real goals of geopolitics

[–] [email protected] 1 points 6 months ago

They are just using the interests that this frozen capital generates and using that (instead of continuing to pay the interests to the Russians).

[–] [email protected] 1 points 6 months ago

It takes away all the credibility of our banking system.

Which is a win for China and BRICS

[–] [email protected] 6 points 6 months ago (1 children)

Poetic justice, taste of your own medicine

[–] [email protected] 2 points 6 months ago

This is the best summary I could come up with:

Ambassadors meeting in Brussels on Wednesday gave the go-ahead after Belgium signaled a climbdown on the way it treats tax revenue on the cash — the last major obstacle to deal.

“The money will serve to support #Ukraine‘s recovery and military defence in the context of the Russian aggression,” the Belgian government, which holds the six-month rotating presidency of the EU, said in a message on X, formerly Twitter.

The initiative is separate from a wider-ranging push by the U.S. to confiscate the assets in their entirety to support Ukraine, a move that is being rejected by the biggest EU governments over fears about legal and financial-volatility repercussions.

The tax income amounted to €1.7 billion in 2024.This comes after the U.S. and several EU countries — led by Germany — heaped pressure on the Belgian government to hand over the cash to Ukraine, as POLITICO first reported.

In another last-minute concession, Belgium also reduced the fee that Euroclear will charge for handling the frozen assets to 0.3 percent — freeing up extra cash for Ukraine.

The latest text of the EU plan offered neutral countries, such as Austria, Ireland, Malta and Cyprus, the chance to opt-out from buying weapons — possibly securing their backing for the deal.

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