Eduardo González
The People’s Parliamentary Group in Congress has urged the Government to promote, within the European Union, the confiscation of “the entirety” of the 300 billion dollars (almost 280 billion euros) in Russian state assets frozen in Western countries. to be used in the reconstruction of Ukraine.
In a non-law Proposal presented on June 25 for debate in the Foreign Affairs Committee, the PP recalls that, on February 24, 2022, there was a large-scale invasion by Russia into Ukraine, “widely” condemned by the international community, and that, since the beginning of the invasion, according to data from the UN Human Rights Observation Mission in Ukraine, more than 30,457 civilian victims have been verified, of which 10,582 died and 19,875 were injured. wounds. In addition, more than 14 million people have been forced to leave their homes fleeing war.
In addition, the war “has caused serious damage to the economy, suffocating the finances of Ukrainians who remain in the country, causing an economic contraction of 30% in 2022 due to the closure of companies and the destruction of infrastructure.” One of the main sectors that has been affected is agriculture. “Ukraine is one of the largest cereal producers in the world, reaching 86 million tons in 2021,” it recalls. As a result of the conflict, “exports of grain and other agricultural products have been drastically reduced, which not only affects the Ukrainian economy, but also global food security,” it adds.
“Given the magnitude of the destruction and economic disruption, international economic support is crucial for Ukraine’s recovery,” the PP warns. “Economic assistance can help stabilize the economy, rebuild critical infrastructure, and provide relief to affected populations,” it continues. “The estimated cost for the reconstruction of Ukraine amounts to $486 billion, according to the World Bank,” the motion adds.
In this regard, the PP recalls that, recently, the G7 leaders jointly agreed to use frozen Russian assets to finance a loan of 50 billion for Ukraine, “using as collateral the future interests of the 300 billion of frozen Russian state assets. in Western countries from February 2022.” This amount, according to the IMF, “is insufficient, since at least 3 billion euros per month in external financial assistance are needed just to prevent a collapse of the Ukrainian economy.”
The People’s Group considers it necessary to intensify the effort to help Ukraine win this war, “both for the European democratic future of Ukraine and for our own security” and, to achieve this, “important and bold decisions must be made that are proportional to the historical importance of our times.”
“If we confiscate the entire 300 billion euros in accordance with International Law, we affirm the legal right to take countermeasures when a State like Russia flagrantly violates international law with its aggression,” warns the PP. “Seizing the full amount will signal our determination, both to (Russian President Vladimir) Putin and other authoritarians who may seek to attack their neighbors, that such aggression has serious financial consequences,” it continued.
“Confiscating the entire 300 billion euros is a legal measure according to International Law, economically feasible and strategically imperative,” the PP insists. “If we decide not to do so, we would signal to Putin and other authoritarians that we are afraid to act decisively as Putin prepares to test NATO. Now is the time to demonstrate our full response,” it concludes.
For this reason, the Non-Law Proposition urges the Government to “promote, within the European Union, the confiscation of $300 billion in frozen Russian assets to be used in the reconstruction of Ukraine.” It also urges “demand from Putin’s government the immediate cessation of hostilities in Ukraine and the withdrawal of the Russian Army from the interior and internationally recognized borders of Ukraine”, to “recognize the leadership of Ukrainian President Volodymyr Zelensky” and to “continue supporting Ukraine militarily, economically and politically.”
