"You know that this is their money, and that is why, for them, it is really destabilizing for the system, for their clique," said Zelensky.
Despite the fact that the Ukrainian army is being broken up day by day on the battlefield, and despite the deep political crisis that is on the horizon in Ukraine due to the massive corruption scandal in the energy sector, Ukrainian President, Volodymyr Zelensky, has the audacity to threaten and blackmail Europe, essentially urging it to make a suicidal decision. Specifically, Zelensky asked Europeans to overcome their disagreements and give Ukraine the €140 to €160 billion of Russian assets, arguing that this would be a huge blow and damage to Putin and his clique. In an effort to distract Europeans from the corruption scandal and the bribes shaking Kyiv, Zelensky is raising the possibility that Russia will launch a major war against Europe in 2029 or 2030.
Give us the $160 billion
The Ukrainian President called on Europeans to overcome their differences regarding the use of frozen Russian assets, warning that otherwise he would be forced to seek other options. "I hope we will make this decision. Otherwise, we will have to look for an alternative; it is a matter of our survival. That's why we need it very much. And I rely on our partners," Zelensky said in statements to Bloomberg television, stressing that the funding is of critical importance to his country.
Huge blow for Putin and his clique
He said that if the Europeans decide to do so, it will be a "big, really big damage" for Russia.
"If we manage to get these 140 to 160 billion, either through a loan covered by other countries or in any other way, this will be major damage to Putin and his company. You know that this is their money. And that is why, for them, it is really destabilizing for the system, for their clique," Zelensky said, noting that Kyiv will use the money "not only for weapons" but also for the production of other equipment.
"This will be an important signal to Russia: look, if you continue, you will lose from 35 to 80 billion next year from energy trade (depending on how sanctions work), plus 140 billion in frozen assets. This is an important tool for achieving peace," the Ukrainian President stressed.
The situation with the frozen funds
Following the start of the special military operation, the EU and the G7 countries blocked almost half of Russia's foreign exchange reserves. More than €200 billion are located in the European Union, mainly in accounts at Euroclear—one of the world's largest clearing and settlement systems. In late August, the newspaper Welt am Sonntag reported, citing European Commission data, that the EU transferred €10.1 billion to Kyiv from the revenues of the frozen assets of the Bank of Russia from January to July. Currently, the EU is seeking agreement on the use of approximately €140 billion in the form of the so-called special reconstruction loan. It is argued that Ukraine will repay it after the end of the conflict, if Russia "pays the compensation." However, there is no consensus within the EU on this issue. Moscow has repeatedly characterized the freezing of assets as theft, while Foreign Ministry Spokesperson Maria Zakharova described the ideas of paying compensation as unrealistic.
Prepare for war in 2029
In an attempt to exert pressure on the Europeans, Zelensky warned that Russia is preparing a major war in Europe starting in 2029 or 2030. Specifically, while calling for "more pressure on Russia," the Ukrainian President stated: "Based on the situation on the battlefield, we do not see Russia wanting to stop. The problem is that, when we look at the Russian war industry, we see that it is increasing its production. According to our assessment, they want to continue this war. We believe that if we apply strong pressure, the Russians will need a pause. But we must recognize that they are pursuing a major war; they are preparing so that they can start such a big war in 2029 or 2030 – within that period – on the European continent."
In any case, this is not the first time he has done this. In a recent interview with the Guardian, Zelensky claimed that Russia is already conducting a "hybrid war" against Europe and is probing NATO's "red lines." He argues that Russia could open a "second front" against Europe even before the conflict in Ukraine ends.
Eelco Heinen (Dutch Finance Minister): Important to continue supporting Ukraine
For his part, the Dutch Finance Minister, Eelco Heinen, argued that it is "important to continue supporting Ukraine." However, he pointed out that the EU must listen to Belgium's concerns regarding the use of frozen Russian assets to help Ukraine, but stressed that it is important for the Union to continue supporting Kyiv.
"I think it is important that we continue to support Ukraine. This is what I am fighting for here, that we must continue to provide money through Ukraine, so that it can remain functional - their economy as well as their military - to counter the aggression that Russia is exerting on Ukraine," said Heinen, who also commented on the corruption scandal. "The fight against corruption is a continuous effort that Ukraine must make, and I continue to have a dialogue with them and tell them that they must fight corruption, and this is also part of the preconditions we set in the packages we design for Ukraine."
The "unravelling" has begun
The truth is that Zelensky is in a difficult position, as another huge corruption scandal has been revealed, this time in the energy sector. Ukrainian authorities have filed charges against seven individuals in connection with the $100 million bribery scheme involving senior energy sector officials, which has provoked public outrage and focuses attention on Kyiv's battle against corruption.
There are many who believe that the focus may be on Zelensky's close friend, Timur Mindich, but in the end, the consequences will reach the Ukrainian President, as he is considered to be the main target. The corruption scandal in Ukraine has proven to be a significant setback for Kyiv on its path to EU membership, estimates Bloomberg journalist Mark Champion. "Kyiv's attempt to join the EU has, without a doubt, taken a big step back," Champion points out regarding the corruption scandal.
According to the same publication, the corruption scandal in Ukraine raises questions about the appropriateness of support for Kyiv. "This is, without a doubt, irrefutable proof that Ukraine is not worth helping, as any money given will be stolen," the publication stresses, which called the revelation of the alleged conspiracy to embezzle $100 million from funds vital for the country's electricity and heating a "real surprise." "Prosecutors have not alleged that Zelensky or other high-ranking officials of his staff may have been involved in the case with Energoatom or others pointed out by the NABU. That may change," the publication notes.
When Zelensky restricted the independence of anti-corruption agencies
The escalating crisis is rapidly turning into a major test for Zelensky, following his attempt earlier this year to limit the independence of the two Ukrainian anti-corruption agencies—a move that triggered mass protests and forced him to back down, following criticism from allies like the European Union. As Ukraine struggles with widespread power outages due to Russian attacks against its energy infrastructure, the investigation is fueling public outrage over corruption that undermines the country's ability to defend itself.
The Times: Deep political crisis is coming to Ukraine due to corruption scandals
The scandalous corruption in Ukraine may cause a widespread political crisis in the country, The Times reports. "The scandal has become a ticking time bomb for the head of the Kyiv regime. The charges are likely to trigger an uncontrollable political crisis in Ukraine," the report states, arguing that the latest events have caused a wave of anger among citizens and threaten to weaken Kyiv's support from Western donors, who have provided large sums to strengthen the Ukrainian energy system.
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