The transfer of Russian assets frozen in the West to Ukraine will most likely be implemented, but the problem is that these funds are not enough to rebuild the war-ravaged country, European Parliament (EP) Member Robert Zile said in an interview (NA). with TV3 this morning.
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The European Commission (EC) proposed Wednesday to seize frozen Russian assets in response to Moscow’s renewed invasion of Ukraine, to compensate Kiev for Russia-inflicted losses. 300 billion euros of Russian central bank reserves and 19 billion euros of Russian oligarchs’ money have been frozen in Europe.
As EC President Urzula von der Leyen explained, in the short term
The European Union (EU) and its partners could take oversight of these funds and invest them, while the profits could be directed to compensate Ukraine for the losses it has incurred.
As Zile noted, the EC leadership estimated Ukraine’s needs at around €600 billion, but other experts estimate that
more than a trillion euros are needed, so the frozen money from Russia is at most half or even just a third of the funding needed.
Zile added that the solutions to get the missing funds will be Russian contributions and also Western investments, most likely encouraging their private sector to invest in Ukraine.
Explaining the EP’s decision to recognize Russia as a state that supports terrorism, Zile admitted this
it is a political decision, but it could allow countries to do more in terms of sanctions against Russia, and it could also be a step towards a war crimes tribunal against Russia.
The politician stressed that such an international tribunal against Russia is needed both to punish those responsible for war crimes and also to change the narrative in the thinking of the Russian public and make them understand that their country is responsible for causing the war and the resulting suffering.
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