FRANKFURT: Any European Union decision on using frozen Russian state assets to help Ukraine must follow international law and the European Central Bank is “very attentive” to the process, ECB President Christine Lagarde said on Monday.
The EU is searching for a way to finance Ukraine’s defense and reconstruction with some of the 210 billion euros worth of Russian sovereign assets immobilized in the West after Moscow’s invasion of Ukraine in 2022.
As outright confiscation would be illegal, the bloc’s political leadership is working on a plan to invest the Russian cash in zero-coupon bonds issued by the European Commission with guarantees from EU governments.
The EU would then use the cash to issue a “Reparations Loan” to Ukraine.
“We very much expect that any scheme that is discussed and eventually introduced at some point in time will be done in accordance with international rules, with international law,” Lagarde told European lawmakers in Strasbourg.
Lagarde is worried that a legally contentious move would damage the credibility of the euro and discourage investors from holding euro assets, potentially damaging financial stability.
“From my vantage point, and with in mind financial stability and the strength of the euro, we will be looking very attentively to make sure that what is proposed is in accordance with international law (and) is mindful of financial stability,” Lagarde said in a parliamentary hearing.
When the Russian assets were frozen at the outset of the war, the money was invested in bonds. Those bonds have now matured and the cash is stuck at the Euroclear central securities depository in Belgium.
Lagarde said any decision should be agreed by all the parties that hold Russian assets.
EU must follow law in using frozen Russian assets to help Ukraine, Lagarde says
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EU must follow law in using frozen Russian assets to help Ukraine, Lagarde says
- Lagarde says any decision should be agreed by all the parties that hold Russian assets
Italy to open Europe’s first marine sanctuary for dolphins
ROME: The Mediterranean’s first sanctuary for dolphins that have lived in captivity will open off Italy next year, as demand for re-homing rises with the closure of marine parks across Europe.
“We must develop a new model for managing dolphins in a natural but supervised environment,” Carmelo Fanizza, head of the San Paolo Dolphin Refuge, told AFP.
Located off the coast of Taranto in the southern Italian region of Puglia, the sanctuary still needs a final green light from the government.
But the site will be ready by the end of this month and the first dolphins are expected to arrive “no later than May or June 2026,” Fanizza said.
Animal rights concerns have driven countries such as Canada and France to ban the capture of dolphins, porpoises and whales, while growing numbers of marine parks are shutting.
That has created a burning question: what to do with the cetaceans, which can live for decades and have mostly only known life in captivity, so cannot be released into the wild?
The San Paolo Dolphin Refuge got permission from the Italian government in 2023 to use a seven-hectare (2.5-acre) area in the Gulf of Taranto, near the island of San Paolo.
The spot is “sheltered and protected from the sea, winds and prevailing ocean currents,” said Fanizza, brushing off concerns the site was near the industrial coastal city of Taranto.
The city is home to one of Europe’s largest steelworks, which has been embroiled in a pollution scandal, but is currently operating at reduced capacity.
“Improvements have been made to the facilities, so that the quality of the breathable air, the water column and the sediments in the area currently pose no risk to animal health,” Fanizza said.
- Sanctuary -
Located around four kilometers (nearly 2.5 miles) off the coast, the facility has a main 1,600-square-meter (17,200-square-foot) enclosure, a smaller one for potential transfers and a veterinary one for quarantine cases.
It has a floating laboratory, accommodation so staff can be on site overnight, and a food preparation area.
It is also equipped with a video surveillance system — both above and under water — as well as a series of sensors at sea, which transmit data to a control room in Taranto.
The sanctuary’s construction has been largely paid for by Jonian Dolphin Conservation — the research organization behind the initiative — with support from private donors and European public funds.
The site’s operating costs are estimated at between 350,000 and 500,000 euros ($408,000 and $584,000) per year.
It could legally accommodate up to 17 dolphins, but “the number will absolutely not be that,” said Fanizza, who stressed the importance of their well-being.
“Our goal at this stage is not to take in a large number of animals but to identify a group that, given its medical condition, behavior and social structure, could be ideal for initiating such a project,” he said.
Muriel Arnal, head of French animal rights group One Voice, which has long campaigned for marine sanctuaries, told AFP that Europe currently has around 60 dolphins in captivity.
“Once you have a model that works well, you can replicate it,” she said, adding that she hoped San Paolo would give a home to French dolphins too.
“We must develop a new model for managing dolphins in a natural but supervised environment,” Carmelo Fanizza, head of the San Paolo Dolphin Refuge, told AFP.
Located off the coast of Taranto in the southern Italian region of Puglia, the sanctuary still needs a final green light from the government.
But the site will be ready by the end of this month and the first dolphins are expected to arrive “no later than May or June 2026,” Fanizza said.
Animal rights concerns have driven countries such as Canada and France to ban the capture of dolphins, porpoises and whales, while growing numbers of marine parks are shutting.
That has created a burning question: what to do with the cetaceans, which can live for decades and have mostly only known life in captivity, so cannot be released into the wild?
The San Paolo Dolphin Refuge got permission from the Italian government in 2023 to use a seven-hectare (2.5-acre) area in the Gulf of Taranto, near the island of San Paolo.
The spot is “sheltered and protected from the sea, winds and prevailing ocean currents,” said Fanizza, brushing off concerns the site was near the industrial coastal city of Taranto.
The city is home to one of Europe’s largest steelworks, which has been embroiled in a pollution scandal, but is currently operating at reduced capacity.
“Improvements have been made to the facilities, so that the quality of the breathable air, the water column and the sediments in the area currently pose no risk to animal health,” Fanizza said.
- Sanctuary -
Located around four kilometers (nearly 2.5 miles) off the coast, the facility has a main 1,600-square-meter (17,200-square-foot) enclosure, a smaller one for potential transfers and a veterinary one for quarantine cases.
It has a floating laboratory, accommodation so staff can be on site overnight, and a food preparation area.
It is also equipped with a video surveillance system — both above and under water — as well as a series of sensors at sea, which transmit data to a control room in Taranto.
The sanctuary’s construction has been largely paid for by Jonian Dolphin Conservation — the research organization behind the initiative — with support from private donors and European public funds.
The site’s operating costs are estimated at between 350,000 and 500,000 euros ($408,000 and $584,000) per year.
It could legally accommodate up to 17 dolphins, but “the number will absolutely not be that,” said Fanizza, who stressed the importance of their well-being.
“Our goal at this stage is not to take in a large number of animals but to identify a group that, given its medical condition, behavior and social structure, could be ideal for initiating such a project,” he said.
Muriel Arnal, head of French animal rights group One Voice, which has long campaigned for marine sanctuaries, told AFP that Europe currently has around 60 dolphins in captivity.
“Once you have a model that works well, you can replicate it,” she said, adding that she hoped San Paolo would give a home to French dolphins too.
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