Speaking on the sidelines of the Ukrainian reconstruction conference in Rome (Italy) on July 10, German Chancellor Friedrich Merz declared that Russia must compensate Ukraine with 500 billion euros - an amount estimated by Berlin as the total material damage caused by the conflict to Kiev.
Russia must compensate for material losses. Until that happens, they will not - and should not - have access to any frozen assets, Merz stressed, citing the German Federal Government website.
According to the German leader, hundreds of billions of euros in Russian state assets are frozen in member states of the European Union (EU). These assets, mostly in the form of foreign exchange reserves and financial assets, will continue to be frozen indefinitely. During that time, the profits from these assets will be transferred to Ukraine's credit assistance, helping the country maintain its resilience amid the endless conflict.
Meanwhile, the European Parliament has officially called on EU countries to seize frozen Russian state assets and transfer all of this money to serve defense and reconstruction of Ukraine.
Although the legal process is still being discussed, Merz's statement is considered Germany's strongest stance ever on using Russian assets to support Ukraine.
Prime Minister Merz said that the reconstruction work is underway in Ukraine. Power plants, power lines, hospitals and schools are being repaired to ensure livelihoods for local people despite continuous attacks by Russia.
Prime Minister Merz affirmed that Germany is a great supporter of Ukraine, even in the civil field. Total bilateral civil aid has so far reached about 34 billion euros.
In addition, Prime Minister Merz said that Germany is ready to buy more patriot missile defense systems from the US to supply Ukraine. Germany is closely coordinating with partners to mobilize more support.
Meanwhile, the Russian Foreign Ministry accused Germany of seeking to participate in Ukrainian attacks deep into Russian territory, shortly after Prime Minister Merz said that diplomatic efforts to end the current conflict were "no longer effective".
Behind those words is the un cover-up desire of Mr. Merzs government to participate in attacks deep into our territory, Russian Foreign Ministry spokeswoman Maria Zakharova said, referring to Mr. Merzs recent statements regarding the possibility of Germany supplying Taurus cruise missiles to Ukraine.
