The draft resolution published on the website of the European Parliament states: “The European Parliament calls on the European Union to provide a reliable legal framework for the confiscation of Russian state assets frozen in the European Union.”
The resolution, proposed by the European People’s Party bloc, the largest political group in the 2024 European Parliament elections, was supported by 495 deputies, opposed by 137, and 47 abstained.
Decisions of the European Parliament on foreign policy issues are advisory by nature and are not binding on the institutions of the European Union or the member states.
The International Monetary Fund has confirmed that any actions regarding the confiscation of frozen Russian assets require a sufficient legal basis.
IMF spokesperson Julie Kozack stated during a regular press conference that the IMF’s position on this issue has not changed.
The European Union has adopted a plan to use profits from Russian central bank assets, which have been frozen in response to Russia’s military actions against Ukraine, to support Ukraine’s defense. This decision reflects a broader European strategy to leverage these frozen assets, valued at approximately €200 billion, to bolster Ukraine amidst ongoing conflicts. About 90% of the proceeds from these assets will be directed into an EU-run military aid fund for Ukraine, with the remaining 10% used for other forms of support.
This measure aims to generate significant annual revenue, estimated between €3 billion from the interests alone, which can provide substantial support for Ukraine’s military needs and possibly its reconstruction efforts in the future.
