BERLIN - The German-Russian Chamber of Commerce has criticised a possible plan to use frozen Russian assets in Europe to finance Ukraine's military needs. According to DPA, such a move could cost Germany more than 100 billion euros.
"Such a move would be particularly costly for Germany," said the chairman of the chamber's board of directors Matthias Scheppquoted by the agency.
"Germany has invested in Russia like no other country. Therefore, it would lose the most if the funds of the Russian Central Bank were to be used to buy weapons for Ukraine," Schepp said.
Schepp estimates Germany's losses at more than €100 billion. He mentioned funds held in Russian accounts by German factories and retail chains, as well as companies operating in the energy, pharmaceutical and consumer sectors.
The European Union is discussing the possibility of expropriating 210 billion euros of frozen Russian assets to support Kiev. EU leaders have already mandated the European Commission to thoroughly examine the risks of such a move. German Chancellor Friedrich Merz has said Berlin supports giving Ukraine a loan backed by Russian assets.
Belgium, where the Euroclear platform is based and where up to 95 % of these assets are stored, strongly opposes this move. Brussels fears the financial risks associated not only with a decline in confidence in the European currency, but also with the possible seizure of Belgian assets worldwide following Russian lawsuits seeking compensation for illegally seized funds.
Russian President Vladimir Putin has previously said that if the West "steals" Russian assets will be frozen, the global financial and economic order will be destroyed, and economic separatism will deepen. Kremlin spokesman Dmitry Peskov noted that Moscow will certainly react to the theft of its assets in Europe. He stressed that the Kremlin intends to take legal action against those involved in the scheme.
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