23 January 2026
Kreditaufnahme statt Konfiskation
Am 14. Januar 2026 veröffentlichte die Europäische Kommission eine Reihe von Legislativvorschlägen, um die Vergabe eines 90-Milliarden-Euro-Darlehens der EU an die Ukraine zu ermöglichen. Seit dem EU-Gipfel vom 18. Dezember 2025 steht fest, dass dieses Darlehen durch eine Kreditaufnahme der Union am Kapitalmarkt finanziert werden soll, nicht durch den Einsatz der russischen „frozen assets“. Diese Form der Finanzierung muss sich in den Rahmen des geltenden Primärrechts fügen. Aus europaverfassungsrechtlicher Perspektive spricht einiges dafür, die Kreditaufnahme im Eigenmittelbeschluss der Union zu verankern. Continue reading >>
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23 December 2025
From Security to Economics
Last week, by adopting Regulation 2025/2600, the Council effectively froze Russian state assets permanently. They had already been frozen under the EU sanctions regime which required unanimous renewal every six months. In our view, this permanent freezing under Article 122(1) TFEU remains primarily designed to address matters of foreign policy and violates the conferral of competence. In the long term, given that the frozen assets also serve as a security for the newly agreed loan of EUR 90 billion for Ukraine, this will also jeopardize the enforceability of the said collateral. Continue reading >>04 April 2025
Frozen Russian State Assets
In February 2022, a coalition of states including all G7 economies froze approximately US$300 billion in Russian state assets. Over the past three years, debates have been unfolding as to how these funds can be used to enforce Russia’s obligation to pay reparations to Ukraine. With the prospect of EU sanctions unravelling in July 2025, legal debates over countermeasures and state immunities appear to be ceding stage to concerns over whether CBR assets ought to be ring-fenced in a separate fund to keep it out of Russia’s reach. Continue reading >>
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