Europe Strikes Twice Against Putin

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A number of Ukraine’s supporters have intensified their attempts to maintain the freeze on several hundred billion dollars worth of Russian assets, while also introducing new assistance packages aimed at reaching Kyiv.

Why It Matters

Europe currently supplies 60 percent of the military aid being sent to Ukraine and nearly two-thirds of all support provided to the conflict-ridden nation. The continent is hurriedly increasing its defense expenditures as US President Donald Trump reshapes long-standing relationships between Washington and its European allies; numerous nations are now grappling with difficult questions on how to enhance their defense capacities while continuing aid to Ukraine.

The United States, having supplied a significant portion of aid to Ukraine, temporarily halted the delivery of military resources to Kiev last month seemingly to encourage Ukraine to engage in talks with Russia. Analysts argue that although Europe can enhance its reserves and capacities while backing Ukraine, achieving this is challenging and demands resolve from the European nations, something many believe they lack.

What To Know

On Monday, the foreign ministers of the UK, Germany, France, Italy, Spain, Poland, along with the European Union 's top diplomat, Kaja Kallas, said the countries pledged Moscow's "assets should remain immobilized until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused."

The U.S., EU And other supporters of Ukraine have frozen more than $300 billion worth of Russian assets since it invaded Ukraine, with the majority being held at Euroclear, a financial entity based in Brussels.

Last month, the U.K. announced that they had frozen approximately $25 billion worth of Russian assets. Sanctions levied against Russia by numerous nations have cost Moscow’s economy over $400 billion since February 2022, which is comparable to about four years' worth of earnings for their economy. Russian military spending.

The countries within the G7 group, which represents some of the biggest economies globally, decided last year to provide Ukraine with an extended loan worth $50 billion. This financial support will be funded using revenues generated from Russian assets that were seized or placed under sanction.

Although certain prominent figures have proposed using frozen Russian assets to directly finance Ukraine and support its defense sector, this notion remains contentious and questionable from an international legal standpoint.

France, which has become one of Ukraine's strongest supporters in Europe, has shown reluctance regarding the idea of redirecting frozen Russian assets to Ukraine. Nevertheless, according to reports from Politico last month, authorities in Paris are reassessing their position on this matter.

Hovering prominently above the talks is the shift initiated by the Trump administration towards the Indo-Pacific region, causing Europe to rush to fill critical voids in its defensive capacities.

Last month, Trump temporarily halted military assistance and intelligence shared from the U.S. to Ukraine, which underscored Kyiv’s heavy reliance on American support. This situation also emphasized that European nations must significantly increase their contributions to compensate for what was missing due to the pause in U.S. involvement.

On Monday, Swedish Defense Minister Pål Jonson individually announced Sweden's "most extensive military aid package for Ukraine so far," valued at nearly $1.6 billion.

Johnson stated that the assistance package will encompass air defense systems, artillery equipment, along with backing for satellite communication.

On Tuesday, during her visit to Kyiv, German Foreign Minister Annalena Baerbock stated that the commitment from both the present and prospective ruling parties in Berlin to allocate approximately $3.2 billion for immediate aid to Ukraine along with an additional investment of $8.9 billion for military assistance up till 2029 demonstrates strong unity within Germany’s political landscape.

Last month, France declared an additional assistance package for Ukraine valued at around €2 billion ($2.16 billion). Early in March, the UK celebrated a "historic" agreement estimated at about $2 billion aimed at providing Ukraine with extra air defense missiles.

In mid-January, the European Union announced that it would allocate €148 million (approximately $160 million) for humanitarian assistance to Ukraine and nearby Moldova.

What People Are Saying

Swedish Defence Minister Pål Jonson said on Monday that Sweden had offered "its biggest military aid package to Ukraine so far."

The UK, Germany, France, Italy, Poland, and Spain foreign ministers along with senior EU representative Kaja Kallas said on Monday They stand prepared to use additional pressure against Russia through every means at their disposal, which includes implementing fresh sanctions aimed at curbing its capacity for conducting aggressive warfare. Their objective is also to ensure that Ukraine can achieve an optimal stance towards securing a fair and enduring peace.

What Happens Next

We still have to wait and see if Europe can follow through with its promises to rapidly strengthen its military capacities and enhance its ability to swiftly react to an armed conflict.

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