The EU Council May Confiscate RU Assets to Rebuild Ukraine 

by Olha Povalaieva
Thursday, January 26, 2023
The EU Council May Confiscate RU Assets to Rebuild Ukraine 

Charles Michel said to step up the case to seize Russian assets to compensate the damage

The Financial Times reports that Charles Michel calls on European Union countries to continue to freeze and seize the assets of Russian companies and citizens. Moreover, because of the scale of Russia’s destruction of Ukraine, the president of the European Union wants to intensify negotiations on the use of the confiscated assets of the Russian central bank. So far, the EU has frozen $300 billion for Ukraine’s recovery. However, the withdrawal of Russian assets should follow legal principles.

The representatives of the EU must therefore resolve some issues. Charles Michel says that the "impulse" to resolve the issue of Ukraine’s recovery has already been taken. In late 2022, the European Commission considered the possibility of creating a fund based on frozen assets of the Russian Federation. This fund will enable the management of resources for the reconstruction of Ukraine.

Earlier, the World Bank announced that it would need $350 billion to rebuild Ukraine. However, new estimates are expected to be published shortly.

At the same time, Finland recently seized Russian property in its own country, and the US is preparing to start the process of transferring Russian confiscated assets to Ukraine through the state department.

Ukraine will not only remain independent but will also be rebuilt by a bloodthirsty aggressor. 

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