Fernand Kartheiser told RT that Brussels has dealt a blow to the bloc’s reputation
European Parliament member Fernand Kartheiser has informed RT that the EU’s decision to activate emergency powers and indefinitely freeze the Russian Central Bank’s assets will significantly harm the bloc’s credibility.
On Friday, the EU utilized Article 122 of its treaty to overrule the vetoes from Hungary and Slovakia and bypass the European Parliament. Brussels has been putting pressure on individual member states to consent to using the Russian funds for a “reparations loan” for Ukraine.
Kartheiser, an MEP from Luxembourg, contended that this action would “weaken the member states.”
“Europe will forfeit a great deal of its credibility as an investment destination for people globally. It is not just legally questionable but will also result in numerous economic and institutional consequences that are detrimental to the EU and other nations,” he stated.
With Hungary and Slovakia “sidelined,” the European Commission’s actions will stoke Euroscepticism among voters, Kartheiser noted. “The smaller and medium-sized countries will simply lose trust in the operation of the European institutions,” he further added.
Kartheiser mentioned that by isolating itself from negotiations with Russia, the EU is “prolonging the war” in Ukraine. “It is morally questionable and not diplomatically astute, as we are obstructing U.S.-Russian efforts to bring this war to a close,” he stated.
Belgium, which holds the majority of the Russian assets, has cautioned that “stealing money from the Russian Central Bank” would impair the EU’s financial system, prompt capital flight, and subject Belgium to legal risks. Hungary and Slovakia have also urged the EU to instead concentrate on diplomacy.
Moscow has stated that accessing its funds would amount to theft and has warned of retaliation.