EU Suggests Using Frozen Russian Assets to Fund Ukraine

European Commission President Ursula von der Leyen delivers her speech on security and defense at the European Parliament in Strasbourg, eastern France, Wednesday, Feb. 28, 2024 (The AP)
European Commission President Ursula von der Leyen delivers her speech on security and defense at the European Parliament in Strasbourg, eastern France, Wednesday, Feb. 28, 2024 (The AP)
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EU Suggests Using Frozen Russian Assets to Fund Ukraine

European Commission President Ursula von der Leyen delivers her speech on security and defense at the European Parliament in Strasbourg, eastern France, Wednesday, Feb. 28, 2024 (The AP)
European Commission President Ursula von der Leyen delivers her speech on security and defense at the European Parliament in Strasbourg, eastern France, Wednesday, Feb. 28, 2024 (The AP)

Russia's frozen assets should be used to purchase badly needed military equipment for Ukraine, European Commission Ursula von der Leyen proposed on Thursday.

“There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live,” she said.Russia's frozen assets should be used to purchase badly needed military equipment for Ukraine, European Commission Ursula von der Leyen proposed on Thursday.

“The threat of war may not be imminent, but it is not impossible. The risks of war should not be overblown, but they should be prepared for,” von der Leyen added.

Her comments came shortly after the EU High Representative for Foreign Policy, Josep Borrell warned that “Putin has not won yet, but Europe has to wake up.” He then called on EU member states to increase and accelerate aid to Ukraine.

Von der Leye’s controversial proposal, at least from a legal point of view, comes after the EU and the G7, the group of seven leading industrialized nations, proposed to use profits from the estimated $285 billion frozen Russian funds to rebuild Ukraine after the war.

However, some countries raised concerns that confiscating Russian assets would have repercussions on the future of foreign investments in Europe.

On Thursday, von der Leyen’s comments acknowledged there is another recommendation for how to use the Russian reserves, not only to the reconstruction of Ukraine, but to purchase weapons for Ukraine.

“There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live,” she said.

The Russian invasion has exposed glaring weaknesses in Europe’s arms manufacturing capacities.

Currently, the EU is attempting to put the final touches on a common European defense strategy which aims to establish a committee that jointly purchases military equipment and work for a financial increase of the fund in this sector.

Also, EU member states are concerned about a possible return of former US President Donald Trump to the White House. They fear his comeback would engender a deterioration of relations between Washington and Brussels and could lessen Washington's defensive commitments made to NATO.



Wars Top Global Risk as Davos Elite Gathers in Shadow of Fragmented World

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
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Wars Top Global Risk as Davos Elite Gathers in Shadow of Fragmented World

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)

Armed conflict is the top risk in 2025, a World Economic Forum (WEF) survey released on Wednesday showed, a reminder of the deepening global fragmentation as government and business leaders attend an annual gathering in Davos next week.

Nearly one in four of the more than 900 experts surveyed across academia, business and policymaking ranked conflict, including wars and terrorism, as the most severe risk to economic growth for the year ahead.

Extreme weather, the no. 1 concern in 2024, was the second-ranked danger.

"In a world marked by deepening divides and cascading risks, global leaders have a choice: to foster collaboration and resilience, or face compounding instability," WEF Managing Director Mirek Dusek said in a statement accompanying the report.

"The stakes have never been higher."

The WEF gets underway on Jan. 20 and Donald Trump, who will be sworn in as the 47th president of the United States the same day and has promised to end the war in Ukraine, will address the meeting virtually on Jan. 23. Ukraine President Volodymyr Zelenskiy will attend the meeting and give a speech on Jan. 21, according to the WEF organizers.

Among other global leaders due to attend the meeting are European Commission President Ursula von der Leyen and China's Vice Premier Ding Xuexiang.

Syria, the "terrible humanitarian situation in Gaza" and the potential escalation of the conflict in the Middle East will be a focus at the gathering, according to WEF President and CEO Borge Brende.

Negotiators were hammering out the final details of a potential ceasefire in Gaza on Wednesday, following marathon talks in Qatar.

The threat of misinformation and disinformation was ranked as the most severe global risk over the next two years, according to the survey, the same ranking as in 2024.

Over a 10-year horizon environmental threats dominated experts' risk concerns, the survey showed. Extreme weather was the top longer-term global risk, followed by biodiversity loss, critical change to earth's systems and a shortage of natural resources.

Global temperatures last year exceeded 1.5 degrees Celsius (34.7 degrees Fahrenheit) above the pre-industrial era for the first time, bringing the world closer to breaching the pledge governments made under the 2015 Paris climate agreement.

A global risk is defined by the survey as a condition that would negatively affect a significant proportion of global GDP, population or natural resources. Experts were surveyed in September and October.

The majority of respondents, 64%, expect a multipolar, fragmented global order to persist.