EU Parliament, Strasbourg, P10 CRE-Rev(2025)10-21(2-0458/60-0000).
Frau President.
The planned seizure of Russian asset values is not an expression of the state of law. It is its hollowing out. The immunity of states is a fundamental pillar of the international order. Does the EU want to bring on the downfall of this order? A reparations credit sounds harmless, yet here it is nothing other than legally disguised expropriation. The EU thereby opens a Pandora’s box. When we today seize reserves of a foreign central bank, who then tomorrow still trusts the euro? The warnings come not from us alone, but from the ECB, from the IMF and from Euroclear itself. They all speak of a risk for the financial stability, of capital flight and loss of trust.
Colleagues, the EU states apparently no longer possess means to still meet the Russian advance. Your latest project is thus an expression of sheer desperation. Wars make new realities. Finally arrive at the reality.
…Herr colleague, the error from which you proceed consists in that Russia would ever make reparations payments. That, Russia, plain and simple, will not do. How then do you want to force Russia to make such reparations payments? You cannot do it. The consequence is: Either the central bank reserves will in fact need to be expropriated, or else the EU remains seated on its offerings to the Ukraine.
[trans: tem]
