Russian assets: Spain and three EU countries call for using them for Ukraine

The €210 billion in Russian assets: Spain and three EU partners call for using them

There is a paradox in the proposal that Spain and three other EU countries have relaunched: using the €210 billion in frozen Russian assets to cover Ukraine's shortfall. On paper, it is frozen money that nobody disputes. In practice, most of it is held in Belgium, at Euroclear, and that is where a refusal came from last year. Ukraine's treasury needs funding before European elections swallow up the agenda, but the legal and political path remains a minefield.

The Belgian knot and the threat of retaliation

Anyone who has trinc the negotiations sums it up with an uncomfortable calculation: if the EU seizes those €210 billion unilaterally, Russia could respond with a matching confiscation of European assets on its territory. It would not be loot, but an exchange of property, with an unpredictable outcome. The managers of Euroclear, which holds the lion's share, already said no last year. And it is not just accounting prudence: it is the precedent it sets for anyone who deposits their money under European jurisdiction. China, Qatar and other investors are taking note.

Europe's credibility on the bench

Some even doubt the operation will ever be carried out. The reason is not legal but political: if Europe turns freezing into confiscation, its "rule of law" narrative starts to wobble. The argument in favour is just as powerful: Ukraine needs the money now, and European taxpayers are in no mood for more payments. Between these two currents, the four-country proposal looks more like a pressure tactic than an imminent measure. While we wait to see whether the money really exists, the question remains: how much credibility is Brussels willing to burn for €210 billion?