Four Nations Press EU for Alternatives to Russian Asset Seizure

(MENAFN) Italy, Belgium, Bulgaria, and Malta are pressing the European Union to pursue safer funding mechanisms for Ukraine rather than confiscating frozen Russian assets, media disclosed Friday, referencing confidential EU documentation.

The European Commission is attempting to secure member state approval for the controversial seizure plan before the European Council convenes December 18-19.

Yet significant opposition persists, particularly from Belgium—which holds the majority of Russia's immobilized assets. Brussels and other dissenting members warn that confiscation could destabilize confidence in EU financial infrastructure, spark capital exodus, and create substantial legal exposure for member states.

Media reported the quartet stated they "invite the Commission and the Council to continue exploring and discussing alternative options in line with EU and international law, with predictable parameters, presenting significantly fewer risks, to address Ukraine's financial needs, based on an EU loan facility or bridge solutions."

Friday saw the EU activate rarely-used emergency authority to bypass potential vetoes from Hungary and Slovakia, making the asset freeze permanent.

While Italy, Belgium, Bulgaria, and Malta backed the freeze extension, they emphasized that the "vote does not pre-empt in any circumstances the decision on the possible use of Russian immobilized assets, which needs to be taken at leaders' level."

Hungarian Prime Minister Viktor Orban denounced Friday's vote as illegitimate, accusing the commission of "systematically raping European law."

Slovak Prime Minister Robert Fico similarly criticized the decision, asserting that "providing tens of billions of euros for military spending is prolonging the war" between Ukraine and Russia.

Moscow characterized asset seizure as outright theft and pledged retaliation. Friday marked the Russian central bank's launch of legal action against Belgian clearinghouse Euroclear, which manages most of Russia's European-held foreign reserves.

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