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EU May Use Russia’s $18billion Frozen Assets To Repair Ukraine Amid Invasion

EU May Use Russia’s $18billion Frozen Assets To Repair Ukraine Amid Invasion
November 29, 2022

EU member states have seized at least €17.4 billion ($18 billion) of Russian assets.

The European Union (EU) is said to be making plans to deploy seized Russian assets into the reconstruction of Ukraine.

It was reported that the EU is set to hold a meeting of permanent representatives in Brussels, Belgium, on Wednesday where the union will discuss the possibility of using the confiscated Russian assets to reconstruct the war-torn European country.

The plan is sequel to approval on Monday to include circumvention and violation of European sanctions in the list of EU criminal offenses.

It was gathered that the list of themes to be raised at the EU Justice and Home Affairs Council meeting include the “Directive on asset recovery and confiscation.”

Recall that following the Russian invasion of Ukraine on February 24, Western countries froze Russia’s foreign reserves and stopped international payments from its banks.

Reports have shown that the EU member states have seized at least €17.4 billion ($18 billion) of Russian assets.

The plan is also coming considering that in October, the EU directed the European Commission to prepare proposals on using the assets to repair Ukraine.

Meanwhile, Moscow has described the seizures as an illegal expropriation and a violation of the European Constitution and international law.