Belgium Should Not Hold Everyone Hostage Over Frozen Russian Assets - MEP Auštrevičius

(MENAFN- UkrinForm) That's according to the Lithuanian Member of the European Parliament, Petras Auštrevičius, who spoke in an exclusive comment for Ukrinform, following a new initiative by a group of MEPs to reopen the debate on Russian assets.

Commenting on the stance of Belgium, where the Euroclear depository holds the bulk of immobilized Russian assets, the politician called for preventing a single country from halting decisions that are crucial for the entire Europe:“One objection country as Belgium shouldn't keep everybody else as a hostage,” the MEP stated.

He pointed out that the scale of Ukraine's financial needs far exceeds current temporary instruments, making a comprehensive solution crucial.

“I think we have much more on the plate in order to discuss and find certain solutions. So that's why, even knowing how difficult it might be, it doesn't stop us, and so we came with this letter in order to try to open the doors for discussions and finally, hopefully, find a certain way forward,” Auštrevičius added.“Ukraine will need much more than 90 billion loan money for its existential survival.”

In their joint letter to EU institutions, MEPs suggested establishing a technical vehicle or a new European instrument to manage the assets, which could decouple the process from national clearinghouses and mitigate legal pressure on Brussels.

“I guess that vehicle is something which might be useful, because not this kind of clearinghouse, but definitely a new institution might be in charge, and kind of a bit disconnected from Belgium,” Auštrevičius explained.“We have to be very practical, even suggesting some technical solutions.”

The Lithuanian politician noted that treating immobilized funds as untouchable is a fundamental mistake, as the aggressor must bear full financial accountability for destruction in Ukraine.

“We make a mistake, first of all, keeping those immobilized, frozen Russian assets as something holy, not touched by us,” the MEP declared.“It would be a very strong message to Russians that they are responsible and they have to pay, and we will use their money to the final penny.”

Addressing whether the EU political elite is ready to revisit the issue, the MEP admitted that while there may be hesitations, waiting is simply not an option.

“Well, I think the European Union is never ready for such a radical decision, but is there any better time? Do we have time just to sit back and do nothing?” Auštrevičius questioned.

Read also: Lithuanian FM: Europe will find way to use Russian assets to support Ukraine

He noted that despite the lack of immediate enthusiasm among some officials, the evolving circumstances are the reason while the issue must be pushed onto the agenda.

“The situation didn't improve, and we need more and more financial means and support for Ukraine. So that's why, even knowing that there will be no big political appetite to take this issue, we have to push it for an uneasy, but undeniably needed discussion once again to renew this debate about frozen assets,” he stressed.

Concluding his comment, Petras Auštrevičius rejected scenarios in which European taxpayers are forced to absorb the costs of rebuilding Ukraine while Russian funds remain intact.

“I don't see, even with the final peace solution on today's situation, that will we not use Russian money” Auštrevičius asked.“Who will pay for reconstruction of Ukraine? Not Russia? So then who, Belgium? I don't think so.”

As reported, the initiative by the group of MEPs aims to reactivate political consultations among the European Commission, the Council of the EU, and member states to establish a viable mechanism for utilizing Russian assets to secure long-term support for Ukraine.

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