The EU is looking at seizing $330 billion in frozen Russian assets and investing them - with any profits going to Ukraine




Vladimir Putin
Vladimir Putin  
  • The European Union proposed on Wednesday a move to seize and reinvest Russian assets.

  • The trading bloc plans to give any profits from such investments to Ukraine.

  • It has already blocked around $330 billion in Russian money, president Ursula von der Leyen said.

The European Union is looking at seizing and reinvesting frozen Russian assets - and then using the profits made on any trades to help to rebuild war-torn Ukraine.

European Commission president Ursula von der Leyen said Wednesday that the trading bloc had already blocked about 319 billion euros ($330 billion) that could be reinvested.

"We have the means to make Russia pay," she said in a statement. "We have blocked 300 billion euros of the Russian central bank reserves and we have frozen 19 billion euros of Russian oligarchs' money."

"In the short term, we could create, with our partners, a structure to manage these funds and invest them," von der Leyen added. "We would then use the proceeds for Ukraine."

Russia's ongoing war has caused around 600 billion euros worth of damage to Ukraine since February, according to the European Commission.

Ukraine has previously called on the trading bloc to use confiscated Russian money to fund the country's rebuilding efforts. Prime minister Denys Shmyhal said in October that the trading bloc could eventually be able to seize and reinvest around $500 billion in frozen assets.

EU member states have echoed those calls to use Russian money to help Ukraine.

"There is a huge pot of gold to be taken and dedicated for Ukraine's reconstruction, which are the assets of the Russian Federation and Russian oligarchs," Poland prime minister Mateusz Morawiecki said last month.

Earlier this year, Russia had said that any move to seize its assets would be "outright theft".

President von der Leyen also backed the United Nations' proposal to establish a special court to prosecute Russian war crimes in Ukraine.

"Russia must pay for its horrific crimes, including for its crime of aggression against a sovereign state," she said. "This is why, while continuing to support the International Criminal Court, we are proposing to set up a specialized court, backed by the United Nations, to investigate and prosecute Russia's crime of aggression."

Read more: Moscow is now the fourth largest offshore trading hub for the Chinese yuan, as sanctions spur Russia's dash to an alternative currency

COMMENTS

More Related News

U.S. Treasury says no indication that U.S. funds were misused in Ukraine
U.S. Treasury says no indication that U.S. funds were misused in Ukraine
  • US
  • 2023-01-31 15:34:47Z

The U.S. Treasury Department on Tuesday said it had no indication that U.S. funds had been misused in Ukraine, but would continue to work closely with...

Russia
Russia's Google, Yandex, Fixes Results So 'Bald Fucker' and 'Bunker Grandad' Reportedly Won't Show Putin
  • World
  • 2023-01-31 13:13:01Z

GettyRussia's biggest search engine secretly put blocks in its code to stop images of Vladimir Putin showing up in the results of potentially embarrassing...

Mission to Olenivka still possible  UN coordinator in Ukraine
Mission to Olenivka still possible UN coordinator in Ukraine
  • World
  • 2023-01-31 12:10:46Z

Denise Brown, United Nations Resident Coordinator in Ukraine, believes that not all is lost for the mission to the colony in Olenivka, where more than 50...

Japan and NATO pledge
Japan and NATO pledge 'firm' response to China, Russia threats
  • World
  • 2023-01-31 11:34:12Z

Japan and NATO must "remain united and firm" in the face of security threats posed by China, North Korea and Russia's war in Ukraine, Jens Stoltenberg said...

Boris Johnson to meet U.S. Republicans, push Ukraine aid
Boris Johnson to meet U.S. Republicans, push Ukraine aid
  • US
  • 2023-01-31 11:13:13Z

Former British Prime Minister Boris Johnson will meet with Republican lawmakers this week as he presses the United States to sustain aid to Ukraine as it...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy