Moscow threatens to seize EU assets if Russian funds used to defend Ukraine

Moscow has threatened to seize the assets of “unfriendly” European states if the EU implements plans to use earnings from frozen Russian funds to help Ukraine, as officials from more than 60 states met to discuss Kyiv’s proposals for peace talks with the Kremlin.

EU leaders reached broad agreement at a summit last week to use billions of euro in profits generated by Russian assets frozen in European financial institutions to fund Ukraine’s recovery from the devastating invasion launched by Moscow 20 months ago.

About €200 billion in Russian funds are now frozen in the EU’s banking system, and could generate an estimated €3 billion per year for the reconstruction of Ukraine.

“A number of European politicians, led by the president of the European Commission Ursula von der Leyen, have once again started talking about stealing our country’s frozen funds in order to continue the militarisation of Kyiv,” said Vyacheslav Volodin, a staunch Kremlin ally and speaker of Russia’s lower house of parliament.

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“Such a decision would require a symmetrical response from the Russian Federation. In that case, far more assets belonging to unfriendly countries will be confiscated than our frozen funds in Europe,” he added.

Ukraine president Volodymyr Zelenskiy spoke by video link to national security advisers and other officials from 66 states as they gathered in Malta for a third round of talks on a 10-point “peace formula” that he has proposed to end the war.

“Over the year, our peace formula has gradually become global – because all of you have supported it or at least shown an active interest in working on it. This formula has truly become a common one,” he said.

Ukraine is keen to counter Moscow’s efforts to secure the support of the “global south” in what the Kremlin frames as a battle for Russia’s survival against a hostile, domineering and “colonial” West.

As well as the United States, EU members, Britain and other strong allies of Ukraine, the meeting in Malta was attended by Turkey, South Africa, Brazil and India. China did not attend, despite having taken part in previous meeting to discuss Mr Zelenskiy’s proposals.

Moscow has flatly rejected Kyiv’s plan and insists that any settlement must reflect the “new realities” brought about by its invasion – namely its claim to sovereignty over four partly occupied Ukrainian regions and Crimea, which it illegal annexed in 2014.

“Clearly, such get-togethers will lead nowhere as they are simply counterproductive,” said Russian foreign ministry spokeswoman Maria Zakharova, who criticised Malta for hosting “a completely biased and openly anti-Russian event, which has nothing to do with efforts to find a peaceful solution to the Ukrainian crisis”.

Heavy fighting continued in eastern and southeastern Ukraine over the weekend, as Kyiv’s forces pressed on with their slow-moving counteroffensive towards the occupied city of Melitopol, and Russian troops tried to seize the towns of Avdiivka and Kupiansk.

Russia said its air defences shot down 36 drones near Crimea, the Black Sea peninsula where its forces have come under frequent attack from Ukrainian missiles and aerial and marine drones in recent weeks.