German MPs reject resolution to transfer Russian assets to Ukraine

(MENAFN) German MPs have overwhelmingly rejected a resolution calling for the transfer of frozen Russian assets to Ukraine. According to the Greens, the party which drafted the resolution, around €210 billion ($244 billion) worth of Russian assets are being held by the EU. Since the escalation of the Ukraine conflict in 2022, the bloc has struggled to find legal avenues for confiscating the funds and using 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 also rejected a proposal to ban Russian companies from working with the Lingen Nuclear Power Plant, with a vote of 453-130.

The European Commission’s plan to repurpose some of the Russian assets for Ukraine aid has been blocked by Belgium, which hosts Euroclear, the institution managing the funds. Belgian Prime Minister Bart De Wever argued that an outright confiscation would create legal and security risks, while a Euroclear spokesperson warned that the proposed ‘reparations loan’ could trigger an investor exodus. European Commission President Ursula von der Leyen suggested 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 amount to theft.

Russian Foreign Ministry spokeswoman Maria Zakharova said this week that Moscow was preparing “a strong retaliation” against such measures.

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