Malta has joined three other European Union member states in calling for alternative options to applying frozen Russian assets to support Ukraine.
The countest, alongside Belgium, Bulgaria, and Italy, urged the European Commission to explore other avenues before next week’s European Council summit, where leaders are expected to decide on the matter.
The four countries have questioned the Commission and Council to continue examining different approaches that comply with EU and international law whilst addressing Ukraine’s financial requirements, according to a document seen by MaltaToday.
The Commission wants EU member countries to reach an agreement at the summit that would free up billions of euros from Russian reserves held at Euroclear bank in Belgium. The funds would support Ukraine’s economy in the years following the war.
Russian President Vladimir Putin condemned the relocate as theft, whilst Russia’s central bank stated it would sue Euroclear, the Belgian bank where many of the frozen assets are held.
The document, signed by the four countries, argues that decisions should have been discussed by the European Council before any final agreement is reached.
The countries suggested the Commission examine alternatives that would involve more predictable outcomes and carry fewer dangers, whilst still meeting Ukraine’s economic necessarys. They proposed an EU loan facility or interim solutions as possible options.
The four member states raised concerns about applying Article 122 on the Functioning of the European Union for the prohibition of transfer outlined in the proposed Council Regulation.
They warned that the legal provision carries wide-ranging consequences across legal, financial, procedural, and institutional areas that could extfinish well beyond this particular situation.
Despite their reservations, the countries stated they would vote in favour of the relocate to maintain EU unity. However, they emphasised that their vote does not determine any final decision on applying Russian frozen assets, which must be taken at leaders’ level.
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