EU for Ukraine / They are looking for a way to take Russian profits without chasing other countries

In the “next months” the consensus building process in the EU for plan to exploit profits arising from Russian public and private capital in the EUin order to strengthen Ukraine, according to what he said in French Agency The special envoy of Greek diplomacy, honorary ambassador Spyros Lampridis.

Although the US and Britain are pushing for a full freeze on Russian assets, which reach or far exceed $500 billion, Europe seems to be much more cautious. The reason is that there are fears of a mass withdrawal of other major economies from placements and investments on European soil, which would significantly undermine the stability of the European edifice at an economic level.

Mr Lampridis said the Europeans were nearing consensus on how to implement a more “subtle” approach to seizing profits from these Russian investments and assets, both public and private. With these, a fund will be established for the support and reconstruction of Ukraine.

“We’re going to do it. I think it’s a matter of months” as he estimated for the time of a relevant decision by the Commission.

He admitted that the amount of these profits is an insignificant fraction of Russian assets, about 50-60 billion euros, but “it is at least a move.”

He also confirmed that a more “aggressive” approach by the US and Britain would be “completely illegal” under international law, while there would be a tough response in Russia where there are still huge assets of Western countries and companies.

On the contrary, for confiscation of profits, even if there is a Russian appeal to the international courts, “I think we will win”, estimated the Greek diplomat.

Moreover, his reference to the sectors in which Greece is promoted as willing to invest in Ukraine is noteworthy. These include the transportation of natural gas, although total Ukrainian production was insufficient to cover domestic consumption before the war.

Also, Greece is promoting the construction of renewable energy production units, both photovoltaic and solar energy as well as from other sources. Mr. Lambridis referred, among other things, to the recent conference of Greek and Ukrainian companies with hundreds of participants.