Ukraine Set to Receive €90 Billion from Seized Russian Assets

Ukraine is positioned to receive approximately €90 billion in seized Russian assets following the collapse of recent peace negotiations. European leaders have indicated that this reparations loan would address around two-thirds of Kyiv’s financing requirements over the next two years. Notably, they are prepared to bypass a veto imposed by Belgium, where a significant portion of the seized funds resides in banks.

The announcement follows a lengthy five-hour summit in Moscow, where Russian President Vladimir Putin firmly rejected a US-led peace proposal. He characterized the West’s suggestions as “completely unacceptable” and issued a stark warning: “If Europe wants to fight a war, we are ready.” The sentiments from Putin reflect ongoing tensions and the lack of progress in diplomatic efforts.

In response to Putin’s remarks, a spokesperson for UK Prime Minister Sir Keir Starmer condemned the statements as “yet more Kremlin claptrap from a president who isn’t serious about peace.” While Moscow described the discussions as constructive, it cautioned that “a lot of work lies ahead” in achieving any lasting resolution.

The peace plan initially presented to Kyiv by the United States sparked outrage by demanding that Ukraine relinquish territory not currently occupied by Russian forces. It also included stipulations for Ukraine to refrain from joining NATO and to limit the size of its military. In light of this contentious proposal, NATO chief Mark Rutte asserted that former US President Donald Trump might be the only figure capable of breaking the ongoing deadlock.

UK Foreign Secretary Yvette Cooper urged Putin to “end the bluster and bloodshed,” calling for a more constructive approach to negotiations. In a notable development, former commander of the Russian Ground Forces, Vladimir Chirkin, publicly criticized the full-scale invasion of Ukraine. He remarked, “We had the traditional underestimation of the opponent and overestimation of our own military. During the first few weeks, we were taught a serious harsh lesson.”

As the situation continues to evolve, the prospect of utilizing seized Russian assets to support Ukraine’s recovery remains a significant point of discussion among European leaders. The ongoing conflict and the failure of diplomatic talks underscore the urgent need for a resolution that prioritizes peace and stability in the region.