Arya News - The European Union`s intention to seize frozen Russian assets is eroding the bloc`s position on the international stage, Venezuelan lawmaker and Chairman of the People`s Electoral Movement party Gilberto Gimenez told Sputnik.
Europe’s actions are contrary to international law, the lawmaker added. Furthermore, Europe is practically completely dissolving, "kneeling before the interests of the US," as it applies the same measures as the US does against its opponents, including unilateral and illegal sanctions, Gimenez said. However, Russia"s economy has become more resilient under sanctions, as Russian companies and goods have replaced European and US businesses, Gimenez added. On Friday, Russian President Vladimir Putin called the idea of seizing Russian assets robbery and warned that it would erode confidence in the euro area. Following the start of Russia"s military operation in Ukraine in 2022, the EU and the G7 nations froze nearly half of Russia"s foreign currency reserves, totaling approximately 300 billion euros. Around 200 billion euros are held in European accounts, predominantly in the Belgium-based securities depository Euroclear. The EU Commission had been seeking approval from EU member states to use frozen Russian assets to finance Kiev"s war efforts.