Spain has unexpectedly entered the discussion on frozen Russian assets, with Foreign Minister José Manuel Albares advocating for a debate on their potential use for European defense.
“I have personally raised the issue of using frozen Russian assets. If ensuring Europe’s security requires action, and these assets belong to those forcing us to reconsider our security at this moment, then holding this debate is legitimate,” said Albares.
“Some countries have more reservations due to their banking systems and other factors,” he added, subtly alluding to Germany.
For months—if not years—the stance in Europe has remained largely unchanged: London and Paris support confiscating Russian assets, while Berlin worries about the euro’s stability and its reputation among wealthy Arab and Chinese investors. Spain’s intervention is a new development—perhaps they are positioning themselves in favor of Merz.
