Three years of war in Ukraine have left a heavy account in Europe: nearly $ 122 billion in direct assistanceand more billions that were channeled into the armies and the Epirus’s defense industry is highlighted by CNN.

But the block has so far refused to touch the 229 billion dollars In cash from the Russian Central Bank who are sitting in the European Union and frozen after the full -scale invasion of Vladimir Putin in Ukraine in 2022.

Last week, however, French legislators passed a non -binding resolution calling on their government to use frozen Russian assets to “finance military support for Ukraine and rebuild” – in particular, their own assets and not only.

Both the United States and Canada have already introduced legislation that authorizes governments to seize the binding Russian assets. In its last days, the Biden government has also attempted to persuade European allies to seize frozen Russian funds.

Some progress on this front was achieved last week when the European Parliament agreed on a resolution on the seizure of Russian committed assets for Ukraine’s “defense and rebuilding”. The text of the resolution has not yet been voted on by MEPs.

The EU is already using interest from committed funds to support many billions of dollars to Ukraine. But European governments remain hesitant in the seizure of capital. The statement by the UK Prime Minister Kir Starmer on March 15 was characteristic: “It’s a complicated issue.”

Cash mountain

Concerns are dual: economic and legal.

‘We don’t touch these Russian assets’, The French government spokesman made it to reporters last Wednesday, warning that this could create a dangerous precedent, discouraging foreign investment in Europe, although the French government is considering legal ways for the use of capital.

A country like China, who knows he could face European sanctions if he invaded Taiwan, may hesit to place funds in the area, says the argument.

Indeed, Russia has been moving its official capital outside the US for years, apparently fearing the impact of its attacks on Ukraine and Georgia.

There is a precedent for this kind of US actions. They seized German assets after World War II, as well as Afghan and Iraqi assets, said Professor Olena Havrilsuk, an economist at Paris Panthéon-Sorbonne University, adding that Moscow did not have the same fear of Europe.

In recent years, Europe’s central banks have expressed their concern (using diplomatic language) that the seizure of foreign capital could “harm the euro as a reserve currency,” Havrilsuk told CNN.

But Ukraine’s ongoing support will continue to cost Europe – and Russian funds are not enough.

Legal concerns

Legally, Europe’s hesitation on the seizure – instead of simply freezing – of Russia’s assets stems from one of the basic principles of international law: the immunity of overseas assets of a state of confiscation.

With about two -thirds All frozen Russian funds in the EU, the stakes – and the potential benefits – are much higher for European governments than for the US.

Frederick Dopan, Professor of Public International Law at the University of Luven in Belgium, observed in CNN that Europe’s reluctance was partly due to a lack of historical precedent.

After the first and World War II, a defeated Germany was forced to pay compensation through international conditions. But with Moscow not even discussing a 30 -day truce, any such post -war agreement with Russia is a distant perspective, Dopan said.

So the question for Western makers for Ukraine is: “Can we really have an agreement on compensation before we even conclude a peace treaty?”

“It would be an innovation,” he added, even if nothing can be ruled out.

States such as Belgium, which holds the lion’s share of the binded Russian assets (about $ 193 billion, According to the Institute of Legislative Ideas, a Ukrainian tank of thought) remains doubtful, and support from economic forces such as Germany would be necessary for wider European acceptance.

Any action at the EU level would almost require the unanimous consensus of the Member States, an unlikely result, Given the support of the Hungarian and the Slovak government in Russia.

Biden government officials hoped to use Russia’s frozen funds as a lever in peace negotiations, forcing Putin to come to the negotiating table. With Donald Trump’s enthusiastic openings to Moscow and the first moves to a peace deal after three years of battles, a European seizure of Russia’s cash is more likely to destroy than to help negotiations.

For the time being, Moscow’s “braid” looks safe outside European wallets.