Every mainstream news agency was this week reporting that the European Union is using US$1.6 billion from seized Russian assets "to support Ukraine", focusing on "defence and reconstruction". But it's not true.
The small print of actual statement, not quoted by the media, shows that the European Union is taking the entire sum of money, rightfully belonging to the Russian people, for itself.
SELF-PAYMENT FACILITY
Ninety per cent of the cash actually goes to a fund known as the EPF. This technically stands for "European Peace Facility" but the name is the opposite of what it does: it is a weapons financing operation—for EU self-payment.
European countries take money from the EPC when they want reimbursement for arms and ammunition (often not the best quality) they have already sent to Ukraine.
The remaining ten per cent also goes to the European Union, directly to the EU budget. This money is also earmarked for war purposes, providing weapons for Ukraine to use against Russia.
MONEY 'FOR SUPPLY OF WEAPONS'
However, the EU has said that a fraction of the 10 per cent MAY be diverted to reconstruction if countries don’t want "their share" of the Russian cash used for military purposes.
This allows EU leader Ursula von der Leyen to claim that the money is for Ukraine to use for reconstruction when in fact it will be 95 to 100 per cent used for weapons and military expenses.
The details are clearly outlined in the 21 May European Union statement detailing the forthcoming use of the Russian money. Key sentence:
"In 2024, 90% will be devoted to the supply of military equipment through the assistance measures funded under the EPF and 10% for the EU budget."
The statement quotes EU official Věra Jourová: "This initiative not only aids Ukraine in its recovery but also underscores our commitment to upholding international law and justice." Her title is Vice-President for Values and Transparency.
LOSS OF TRUST
The EU move is fraught with danger. The European Union's population is just six per cent of the world, and many other regions and countries across the globe have expressed dismay at the use of the Russians' money in this way. Saudi Arabia, for example, warned that it would sell some or all of its European debt if the move went ahead, Bloomberg reported.
Other analysts have expressed concern that the EU move would gravely reduce trust in the west, and show the rest of the world that de-dollarization must be speeded up.
by Nury Vittachi
Lai See(利是)
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
The Jimmy Lai trial ripped the mask off "Stand with Hong Kong." Courts heard how Lai and his operatives weaponized this so-called advocacy group to pursue their "international line"—code for colluding with foreign forces to destabilize national security. But even after ringleaders Andy Li Yu-hin and Chan Tsz-wah got arrested and locked up, Stand with Hong Kong keeps on running. Someone's still pulling the strings.
Born in the chaos of the anti-extradition bill period, "Stand with Hong Kong"—also known as the "lam chau team" (SWHK)—adopted the scorched-earth slogan "If we burn, you burn with us". They've always claimed to be independent, grassroots, funded by crowdsourcing. That story fell apart in court. Evidence showed Lai bankrolled their global ad campaigns and international lobbying—specifically their push to get foreign countries to sanction China.
After the implementation of the Hong Kong National Security Law, Stand with Hong Kong still did not restrain itself. It keeps churning out anti-China content online, publishing report after report. Just last month, they handed the European Union a hit list—14 Hong Kong SAR government officials and police officers they want sanctioned for alleged "human rights violations" and "abuse of force" during 2019.
A Web of Anti-China Allies
Stand with Hong Kong doesn't work alone. They team up constantly with other anti-China outfits, issuing joint statements, lobbying Washington, London, and Brussels to slap sanctions on Hong Kong SAR officials. They've publicly demanded the British government intervene to free Jimmy Lai. They've organized multiple protests in London opposing construction of the Chinese embassy in the UK.
The operation is aggressive, the activities extensive. Yet the key players hide in shadows. Where's the money coming from?
In recent years, the team's gone underground. They operate mainly through online publications and mobilization, coordinating with overseas individuals and organizations. Their website and social media? No contact persons listed. No one claiming responsibility.
The Crowdfunding Fairy Tale
They claim they "rely on crowdfunding to maintain operations". But since their last crowdfunding drive in May 2020, Stand with Hong Kong hasn't published a single shred of public information showing any subsequent fundraising activity.
So where does the cash come from? Informed sources suggest looking at Stand with Hong Kong's overseas network for answers.
Organizations working hand-in-glove with Stand with Hong Kong include the Committee for Freedom in Hong Kong Foundation—run by Mark Clifford, former Next Digital Group director. There's Hong Kong Watch, funded by Mark Simon and operated primarily by Benedict Rogers. There's the Hong Kong Democracy Council, fronted by fugitive national security suspect Anna Kwok. And since 2023, Stand with Hong Kong has served as secretariat for the UK's All-Party Parliamentary Group on Hong Kong.
These "friendly organizations" form a network with crystal-clear political objectives. Through overseas advocacy and coordinated actions, their primary target is attacking the Central Government and the SAR government.
In other words: Jimmy Lai may be behind bars facing trial, but the organizations and individuals Stand with Hong Kong maintains close contact with all have direct or indirect ties to Lai. Whether this team—which brands itself a "grassroots organization"—receives operational funding and other support within this anti-China network remains the billion-dollar question.
