The European Union continues to develop broader mechanisms for using frozen Russian assets to support Ukraine, while being careful not to undermine investor confidence in the eurozone.
This was stated by Eurogroup President Paschal Donohoe during a conversation with journalists ahead of an informal meeting of EU economic and finance ministers in Copenhagen on Friday.
“First, we have already made significant progress on how to use profits from immobilized assets thanks to the work done on ERA loans over the past year. We are now considering further steps regarding these assets, and this work is also ongoing within the G7,” Donohoe said.
He emphasized that important and constructive discussions are underway and noted that Europe has always been at the forefront of finding ways to support Ukraine’s economy, people, and security.
“We want to explore new ways in which we can do this,” he added.
When asked which specific methods for using frozen Russian assets, beyond profits, are being considered, Donohoe replied that discussions are still ongoing.
“I just want to stress that we are fully aware of the need to maintain trust in the eurozone and the importance of taking this into account regarding immobilized assets. This was recognized in the decisions made on ERA loans and in ongoing discussions,” he said.
The Eurogroup is an informal body that brings together the finance ministers of the 19 eurozone countries and provides a platform to discuss economic development and market stability within the shared currency area. The Eurogroup includes the following EU countries: Austria, Belgium, Ireland, Spain, Italy, Luxembourg, the Netherlands, Germany, Portugal, Finland, France, Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia, and Lithuania
