Congress calls for confiscation of all frozen Russian assets to help Ukraine

Eduardo González The Foreign Affairs Committee of Congress has urged the Government to promote, within the European Union, the confiscation of all 300 billion dollars (almost 290 billion euros) in frozen Russian assets to be used in the reconstruction of Ukraine. The non-legislative proposal, presented in July 2024 by the Popular Parliamentary Group and approved in its terms by the Foreign Affairs Committee on December 18, recalls that the war in Ukraine “has caused serious damage to the economy”, so that, “given the magnitude of the destruction and economic disruption, international economic support is crucial for the recovery of Ukraine.” It also recalls that the G7 leaders jointly agreed in 2024 to use frozen Russian assets to finance a 50 billion loan to Ukraine, “using as collateral the future interest on the 300 billion euros of Russian state assets frozen in Western countries since February 2022.” “Seizing the entire 300 billion euros is a legal measure under International Law, economically feasible and strategically imperative,” the PP text insisted. “Seizing the entire amount will indicate our determination, both to (Russian President Vladimir) Putin and to other authoritarians who may try to attack their neighbors, that such aggression has serious financial consequences,” it adds. For all these reasons, the approved text urges the Government to “promote, within the European Union, the confiscation of 300 billion dollars in frozen Russian assets to be used in the reconstruction of Ukraine.” The Socialist Parliamentary Group introduced an amendment urging the Government, without specifying a specific figure, to “continue promoting, within the European Union, the use of extraordinary profits derived from frozen Russian public assets to be used in the defence and reconstruction of Ukraine”. In another of the points adopted by Congress, the Government is urged to “continue supporting Ukraine militarily, economically and politically”. The PSOE amendment was broader on this point, as it also included financial, humanitarian and diplomatic support “for as long as necessary”. For its part, the far-right party Vox introduced an amendment to this point urging the Executive to “continue supporting Ukraine militarily, economically and politically, always with the precaution that such support does not compromise the capacity of our Armed Forces to defend the territorial integrity and constitutional order of Spain”. "To this end," he added, "we will seek a sustained increase in our investment in defense in order to meet the objective of two percent of the Gross Domestic Product, committed to by the North Atlantic Treaty Organization."

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