The EU Forked Out Cash for Ukraine — But Left a Bitter Aftertaste
FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) before the ECB's monetary policy meeting in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
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Under pressure from external players — Russia and the US — the EU was unable to act fully in its own interests and was forced to implement Plan B, raising funds through internal borrowing. Meanwhile, Russian assets remained frozen.
The EU can easily afford this financially.
But it cannot afford to show such weakness when, under pressure from Russia (threats) or Trump (outright coercion), it fails to make independent decisions. This was not a polite request from friends — it was pressure from adversaries.
This is a challenge for the EU itself. Let us hope that the message was heard loud and clear in Berlin, Paris, and other capitals. Otherwise, Ukrainians will once again have to pick up the pieces when we finally join the EU.
Especially since we truly want the EU to remain intact when Ukraine reaches the stage of EU membership. Otherwise, the outcome would be profoundly disappointing.
There is, however, a positive aspect: the roughly $300 billion of frozen Russian assets remain intact, and Ukraine can still claim it in full. Of course, Trump may try to influence its disposition.
Another major advantage is that Ukraine’s macroeconomic stability is secured for at least the next two years of the ongoing war. This does not mean the war must last two years — it could be shorter or longer — but Russia can no longer harbour the illusion that the Ukrainian economy will collapse under pressure. Perhaps this, in turn, may give Putin additional incentive at some point to engage in genuine negotiations.
Recall that EU countries have reached a turning point regarding the use of frozen Russian assets to provide financial assistance to Ukraine, although the technical details are still being negotiated. Meanwhile, the Central Bank of Russia has threatened the EU with legal action and demands for compensation if these funds are used to support Ukraine.
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