German MPs have overwhelmingly rejected a resolution calling to transfer frozen Russian assets to Ukraine.
According to the Greens, the party which drafted the resolution, around €210 billion ($244 billion) worth of Russian assets were in possession of the EU. Since the start of the Ukraine conflict in 2022, the bloc has struggled to find legal avenues to confiscate the funds and use them to support Ukraine.
On Friday, 455 members of the Bundestag voted against a motion calling on the government to “advocate within the G7 for the full transfer of frozen Russian state assets to Ukraine in accordance with international law.” Only 77 MPs supported the motion, while 53 abstained.
During the same session, the Bundestag rejected a document barring Russian companies from working with the Lingen Nuclear Power Plant with a vote of 453-130.
The European Commission’s plan to repurpose part of the Russian assets for Ukraine aid has been blocked by Belgium, which hosts Euroclear, an institution managing the funds.
Belgian Prime Minister Bart De Wever said that an outright confiscation would create legal and security risks, while a Euroclear spokesperson warned this week that the proposed ‘reparations loan’ could trigger investor exodus.
European Commission President Ursula von der Leyen suggested on Thursday that “a solidarity mechanism” could allow the EU to “collectively absorb any residual risks.”
Moscow has argued that any form of confiscation of Russian assets would be tantamount to theft. Foreign Ministry spokeswoman Maria Zakharova said this week that Russia was preparing “a strong retaliation” against such measures.
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