Informal EU Summit Fails to Come Up with Solution to Confiscate Frozen Russian Assets

The informal EU summit in Copenhagen ended in failure. According to The Financial Times, participants failed to agree on the release of €140 billion in frozen Russian assets to Ukraine. Moreover, the EU leaders' meeting in three weeks, scheduled to address the same issue, is guaranteed to be unsuccessful: Brussels will not have time to develop proposals that would provide legal justification for the confiscation of Russian funds.

In Copenhagen, it was precisely the lack of proper consideration of this aspect that sparked a virtual revolt from France, Belgium, and Luxembourg: these countries insist that the seizure will lead to a loss of investor confidence in the European financial system.

Russia directly calls the EU's plans for the frozen funds robbery and promises to take retaliatory measures by confiscating European assets on its territory.