Manfred Weber, president of the European People’s Party (EPP), stated that the European Union will eventually use frozen Russian assets to help cover the costs of the war in Ukraine, despite EU leaders failing to reach an agreement on this during their recent summit.
“We will use the money for the repayments of the disaster that Russia has created,” Weber said, adding that these funds could also be used to repay the EU’s loans to Ukraine.
At the summit, EU leaders were unable to persuade Belgium, which holds the majority of the frozen Russian assets, to release the funds for Ukraine. Instead, they agreed on an emergency backup plan based on EU joint debt, which excluded Hungary, Slovakia, and the Czech Republic.
Weber emphasized that the U.S. plan to use frozen Russian assets for U.S.-led reconstruction efforts in Ukraine is completely “off the table.”
“The idea from the Americans to use €100 billion for them and use €100 billion for Russia will not fly,” Weber said.
He also praised German Chancellor Friedrich Merz for his leadership in attempting to secure the Russian assets-backed loan to Ukraine, noting that the initiative was “well appreciated all over Europe.”
“The outcome is that the Russian assets are still on the table,” Weber reiterated.
The EPP, as the largest political family in the European Parliament, holds significant influence in the EU, including in the European Commission, where President Ursula von der Leyen and many commissioners hail from the party.
