Italian PM urges EU against using Russia’s frozen assets
(MENAFN) Italian Prime Minister Giorgia Meloni has urged the European Union to continue exerting pressure on Moscow while warning against violating international law in any attempt to utilize Russia’s frozen assets, according to reports.
Speaking before the Italian Senate on Wednesday ahead of the European Council summit in Brussels, Meloni emphasized the need for caution as the bloc debates how to repurpose Russian funds blocked since the start of the Ukraine conflict in 2022.
Following the escalation of hostilities, Western nations froze an estimated $300 billion of Russian assets, with about €200 billion ($213 billion) held by the Brussels-based financial clearinghouse Euroclear. Some of the interest generated from these funds has already been directed toward supporting Ukraine’s government and military efforts.
Russia has labeled such actions as “theft” and vowed to retaliate.
The European Commission has put forward a plan to use proceeds from roughly €210 billion in frozen Russian assets held in EU institutions to secure loans for Ukraine in 2026 and 2027. The proposal comes as Washington’s financial backing wanes and EU nations face growing fiscal constraints.
“We believe, and we are not the only ones, that it is necessary to respect international rules and the principle of legality,” Meloni said, adding that the EU must protect “the financial and monetary stability of our economies and the euro area.”
She reiterated that Italian forces would not deploy to Ukraine but stressed the need to “increase pressure on Moscow.” The Kremlin has repeatedly stated that any foreign troop presence in Ukraine would be unacceptable under a peace agreement.
The seizure of sovereign state assets is prohibited under international law — a position supported by several EU governments, the European Central Bank, and the International Monetary Fund. Belgium has reportedly sought assurances that it would not be left solely responsible if the frozen funds eventually had to be reimbursed to Moscow.
Russia has strongly condemned both the asset freeze and proposals to redirect the funds. Finance Minister Anton Siluanov has warned that Moscow would respond reciprocally if such measures proceed.
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