Putin attends China summit to push multipolar world as EU weighs frozen Russian assets
Russian president Vladimir Putin arrived in Tianjin, in northern China, on Sunday morning (local time) for a regional summit, alongside around twenty other foreign leaders, according to the state news agency TASS. On Wednesday, he is set to attend a major military parade in Beijing. Meanwhile, the EU is exploring ways in which Ukraine could make fuller use of Russia’s frozen assets.
Putin will join the Shanghai Cooperation Organisation (SCO) summit hosted by Chinese president Xi Jinping on Sunday and Monday. Those attending will include Iranian president Masoud Pezeshkian and Turkish president Recep Tayyip Erdoğan. On Wednesday, Putin will travel to Beijing for a parade to mark the 80th anniversary of the end of the Second World War. North Korean leader Kim Jong-un is also expected to attend.
During his four-day visit, the Russian leader is championing the idea of a “multipolar world order”. In an interview published by China's Xinhua news agency on Saturday, Putin made no mention of the United States, Ukraine, or the 'special military operation'. Instead, he highlighted the weakening of the US dollar, noting that Russia and China now conduct most of their trade in national currencies.
Putin has long criticised US dominance in global politics, emphasising the growing importance of the Global South and BRICS partners such as Brazil, India and South Africa. According to the Kremlin, Putin is also set to meet with the leaders of India, Turkey, Iran, Serbia and Pakistan while in China.
Founded 24 years ago to combat terrorism and boost regional economic cooperation, the SCO now has ten members: Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India, Pakistan, Iran and Belarus. As the current chair, China is expecting delegations from 20 countries and 10 organisations to attend the meeting in Tianjin.
Frozen assets
Meanwhile, EU foreign policy chief Kaja Kallas said on Saturday that the bloc must examine “all possible avenues” to use frozen Russian assets to support Ukraine. Speaking after an informal meeting of EU foreign ministers, she stressed the urgency of bridging Ukraine’s funding gap while holding Russia accountable for war damage.
The EU froze around 210 billion euros in Russian central bank assets following the invasion in February 2022, most of which are held in Belgium by financial firm Euroclear. While the interest generated has been channelled to Ukraine for some time, the principal assets remain untouched.
At the Copenhagen meeting, Poland, Sweden and the Baltic states once again called for the outright confiscation of frozen Russian assets, but Belgium opposed this. Foreign minister Maxime Prévot (Les Engagés) warned that seizing the property of a sovereign state would cause systemic financial instability and damage confidence in the euro. He also opposed riskier investments to boost returns, arguing that this would only increase legal and financial exposure.
Instead, Prévot said that the assets should be preserved as leverage for future peace talks, while their profits support Ukraine, including a 45 billion euro loan package.
EU leaders have confirmed that the assets will remain blocked until Russia pays reparations. Foreign policy chief Kaja Kallas stressed the need for an exit strategy and risk-sharing, so that Belgium is not left to bear the burden alone.
© AFP
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