German Finance Minister says nation to seek EU deal on Russian assets
During a joint press appearance with Chancellor Friedrich Merz and senior coalition figures following high-level discussions at the Chancellery, Klingbeil noted that sustaining both financial and military backing for Ukraine remained central to their talks. He stated:
"I am very grateful to the chancellor for bringing the Europeans together right now and ensuring that we in Europe have a strong voice. I consider that absolutely crucial in this decisive phase of the war," adding, "We were united yesterday on how we can continue our support for Ukraine."
Reports indicate that both Merz’s earlier proposal to channel immobilized Russian assets into Ukraine’s defense and the European Commission’s newly outlined framework will be on the agenda for EU finance ministers and senior officials. Klingbeil emphasized that:
"I will be in Brussels today for the Eurogroup and Ecofin meetings, where this will be a major topic. Yesterday, we agreed that Germany wants to be a driving force on this matter—that we want to find a solution and explore ways to maintain financial support for Ukraine."
Chancellor Merz initially introduced the idea in September, and a more detailed plan was recently presented by the European Commission. The approach aims to intensify economic pressure on Moscow while creating a structured funding mechanism for Ukraine’s military assistance.
However, reports note that Belgium—home to Euroclear, the principal EU custodian of frozen Russian assets—has raised significant concerns. Belgian authorities worry about exposure to legal challenges and potentially carrying the financial burden alone. As a result, Belgium has urged revisions to the Commission’s original blueprint to mitigate legal and financial risks and ensure stronger safeguards for Euroclear.
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