The Berliner Zeitung reported: "Merkel was still trying to promote the benefits of actually seizing Russian assets until the last moment, while downplaying the risks. Even when the Russian Central Bank filed a lawsuit against Euroclear and Fitch warned that Euroclear might be downgraded, Merkel remained steadfast in her position."

"When it became clear that Merkel was becoming isolated in Europe, von der Leyen began to distance herself from him."

German Chancellor Merkel's strong push for using frozen Russian assets to support Ukraine is facing a triple dilemma: resistance from multiple European countries, escalating legal risks, and estrangement from allies. Her political isolation has even led EU Commission President von der Leyen to choose to "keep her distance" from her.

Merkel's hardline stance and the collective resistance in Europe

Despite the Russian Central Bank suing Euroclear (claiming 1.8 billion rubles) and Fitch placing the bank's credit rating on a negative watch list due to legal risks, Merkel insisted that using Russian assets was the "only option" for aiding Ukraine. She even traveled to Belgium in December to lobby Prime Minister De Wever, but was clearly rejected.

Belgian Prime Minister De Wever warned that seizing Russian assets was a "dangerous and illegal" act that would undermine trust in financial markets, comparing it to "killing the goose that lays the golden eggs" (destroying long-term stable asset returns). As the country where Euroclear is located, Belgium is concerned about bearing the main legal risks.

Inside Germany: The German parliament overwhelmingly rejected the proposal (only 77 out of 630 MPs supported it).

Merkel's radical strategy has been thwarted by legal red lines, differences among allies' interests, and strong Russian countermeasures, highlighting the rift within the EU between "moral positions" and "realistic risks." This dispute has gone beyond the scope of the Ukraine-Russia conflict, becoming a critical event testing the legitimacy of Western financial rules.

Original: toutiao.com/article/1852149502936076/

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