At the videoconference of the Council of the Baltic Sea States (CBSS) foreign ministers today, 8 December, Foreign Minister Margus Tsahkna stated that using the frozen assets of Russia’s central bank to finance Ukraine is currently Europe’s strongest lever and must be employed without delay.
Today’s videoconference was attended by the foreign ministers of CBSS member states and the European Union’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas. Discussions focused on continued support for Ukraine, the use of Russia’s frozen assets, and European security.
“We have no indication that Russia has abandoned its goal of subjugating Ukraine and reshaping the entire European security architecture, and therefore the only right course is to continue exerting pressure on the aggressor and supporting Ukraine,” Tsahkna said. “Europe’s strongest leverage at present is the use of Russia’s central bank frozen assets to support Ukraine.”
The Foreign Minister added that using frozen assets enables Europe to demonstrate resolve and courage in action.
“The European Commission’s recent proposal for a reparations loan to Ukraine backed by frozen assets would place Ukraine in a stronger position in peace negotiations and send a clear message that Russia, which unleashed the aggression, must pay for its actions,” Tsahkna underlined. “It would also give Europe the best opportunity to be a part of the peace process and ensure that Russia’s aggression ends with a just and lasting peace for both Ukraine and the whole of Europe.”
The Council of the Baltic Sea States is a multilevel cooperation forum for the countries of the Baltic Sea region, aimed at strengthening and deepening mutual cooperation. Its members are Estonia, Latvia, Lithuania, Iceland, Norway, Sweden, Finland, Denmark, Germany, Poland and the European Union.
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