European Parliament Calls for Seizures of Russian Assets, More Sanctions

The EU should create a new legal regime to allow European countries to seize frozen Russian assets and use those assets to help rebuild Ukraine, the European Parliament said in a resolution last week. The resolution, which passed 451-46 with 49 abstentions, "underlines" that Russia “must be obliged to pay reparations” to Ukraine. The idea also has support from U.S. Treasury Secretary Janet Yellen 2402270043).

The resolution also called on the EU to “maintain and extend its sanctions policy” against Russia and Belarus, including by banning Russian uranium and metallurgical imports to the EU, ending nuclear cooperation with Russia and imposing a full embargo on EU imports of Russian agricultural goods, fishery products, and fossil fuels and liquefied natural gas transported by sea through pipelines.

“Parliament also condemns all those countries, companies, associations and individuals that are helping Moscow circumvent EU restrictive measures, stating that these disruptive practices should be criminalised at EU level,” a news release said.

The resolution also called on the EU to avoid placing any restrictions on its military aid to Ukraine and give “whatever is needed for Kyiv to win its war against Russia.” That includes “sophisticated” air-defense systems, long-range missiles, artillery and drones, which are “particularly important” for Ukraine.

EU countries should “immediately enter into dialogue” with defense companies to ramp up production and deliveries of defense equipment for Kyiv, which “should be prioritised over orders from other third countries,” Parliament said. It also called on the U.S. House “to adopt its long-stalled military assistance package for Ukraine without any further delay.”