Sweden has once again raised the issue of Russia's frozen assets
Sweden will raise the issue of using frozen Russian assets during an informal meeting of EU foreign ministers in Ireland. Swedish Foreign Minister Maria Malmér Stenergård believes that these funds should play an important role in continuing to support Ukraine.
European Union foreign ministers are meeting in Ireland on September 1–2. This is an informal meeting at which foreign ministers discuss key foreign policy issues and joint EU actions. One of the main topics will be Russia’s war against Ukraine. Ukraine’s foreign minister will also join the discussion.
Sweden plans to use the meeting to once again raise the issue of frozen Russian assets. This was stated by Swedish Foreign Minister Maria Malmer Stenergård. According to her, the European Union must continue to put pressure on the Russian economy while simultaneously increasing aid to Ukraine. “My message will be clear: the EU must continue to increase pressure on the Russian economy, which is growing weaker by the day. We must also ensure greater support for Ukraine in both the short and long term,” Stenergard said.
She emphasized that frozen Russian assets could become an important source of support for Ukraine. “Frozen Russian assets play a key role in achieving this goal,” said the Swedish minister. According to her, this is precisely why she, together with her colleagues from the Netherlands, Poland, and Spain, has already sent a letter on the matter. The ministers want to put the issue of Russian assets back on the agenda of European discussions.
These are Russian state assets that Western countries froze after the start of Russia’s full-scale invasion of Ukraine. A significant portion of these funds is held in European financial institutions. The question of how to use these funds remains one of the most complex issues for the European Union. European countries are already using the proceeds from some of the frozen assets to support Ukraine, but the very possibility of fully confiscating Russian state funds remains a subject of debate.
Sweden advocates that the EU not delay addressing this issue. Stockholm believes that the frozen assets can help provide support to Ukraine not only now but also in the long term. Stenergard also called for continued pressure on the Russian economy. According to her, sanctions and other economic measures should remain part of the EU’s policy toward Russia.
In addition to Russia’s war against Ukraine, ministers will discuss the situation in the Middle East during the meeting in Ireland. Another topic will be how the European Union can make its common foreign and security policy more effective. Ministers will also discuss strengthening Europe’s role in the world and how EU countries can act in a more coordinated manner.
However, the issue of Ukraine and continued pressure on Russia remains one of the main items on the meeting’s agenda. For Kyiv, the issue of frozen Russian assets is particularly important. Ukraine insists that Russian funds should be used to compensate for war-related damages and to support the country’s recovery.
Currently, EU countries continue to seek a legal and political mechanism that would allow Russian assets to be used as effectively as possible without creating additional risks for the European financial system. Therefore, the initiative by Sweden and its partners does not represent an automatic decision to transfer all frozen funds to Ukraine, but rather an attempt to bring this issue back to the level of joint discussion among EU countries. This is stated in a declaration by Sweden’s Minister for Foreign Affairs, Maria Malmer Stenergård.
A group of U.S. senators from both parties has introduced a bill that would expand the mechanism for using frozen Russian assets to support Ukraine.
