European frozen Russian assets proposed as peace guarantee

Civil society members from Italy, Ukraine, Russia, and Belarus have proposed a “third way” to resolve the conflict in Ukraine. The proposal suggests using the approximately 210 billion euros in frozen Russian assets held in European banks as a guarantee for a peace agreement, rather than using the funds exclusively to purchase weapons for Ukraine.

Under this mechanism, the European Union would present a formal peace offer. If Russia complies with the terms, the funds would remain in a separate fund managed by a third-party guarantor. If the agreement is violated, the funds would be forfeited, functioning similarly to a security deposit.

Separately, Roberto Vannacci, leader of Futuro Nazionale, criticized European strategic consistency during a forum in Cernobbio. He described Europe’s position as “schizophrenic,” noting that while the continent supports Ukraine, some countries have increased Russian gas imports by up to 160% in the last semester, thereby continuing to finance the Russian war economy.